Home Industry Space UAE: Yahsat reports strong quarterly results for Q3 Yahsat attributed its strong results due to the performance of its smart ICT solutions arm Thuraya Telecommunications by Gulf Business November 8, 2023 Image credit: Supplied The UAE’s flagship satellite solutions provider, Al Yah Satellite Communications Company also known as Yahsat, listed on the Abu Dhabi Securities Exchange announced its consolidated financial results for the nine months ending September 30. Net profit of the company for the three months at the end of September stood at $26.4m, compared with a loss of $10.2m during the same period last year. Revenue for the same period grew by 8 per cent annually to $117.4m, which was the second highest on record. Yahsat attributed its strong results to the performance of its smart ICT solutions arm Thuraya Telecommunications which provides mobile satellite services using L-band spectrum. Thuraya reported, for the nine-month period ending September 30, a growth of 22 per cent and third quarter growth of 81 per cent versus the prior year, driven by higher equipment sales and service revenues. Yahsat’s outlook The company’s nine-month profit more than doubled to $71.7m as revenue grew by 2.5 per cent to $322.5m and finance income jumped more than four times to $18.7m. Ali Al Hashemi, Group CEO of Yahsat, said, “The third quarter has been one of several historic achievements which reinforce the company’s future growth trajectory. Our reported revenue growth for the nine-month period underpinned by one of the strongest third quarters on record has resulted in improved financial guidance for 2023 and means that we are well positioned to record our strongest ever performance for the full year.” “Our financial position, with record low leverage, has never been stronger and continues to support our attractive progressive dividend policy,” added Al Hashemi. Guidance for full-year revenue, earnings before interest, taxes, depreciation and EBITDA and cash capital expenditure and investments remains unchanged, while guidance for discretionary free cash flow has been increased to a range of $140m to $160m, from $130m to $150m, Yahsat said. Also read: Yahsat’s Khalid Al Kaf shares the satcom giant’s future-forward strategy Tags Al Yah Satellite Communications Company ICT satellite communications Thuraya Yahsat You might also like Top marks for GCC nations in digital connectivity index Huawei holds ICT competition in Bahrain to develop tech skills UAE’s Bayanat and Yahsat agree potential Dhs15bn merger UAE’s Tawazun signs $6.3bn defence deals at Dubai Airshow