Al Yah Satellite Communications Company posted its highest ever first-half revenue in H1 2022, reporting a revenue of AED755 million ($206 million), up 8.1 percent year-on-year.
The high revenue is due to a double-digit growth in Managed Solutions and Mobility Solutions.
The Adjusted EBITDA increased by 5.3 percent year-on-year to AED448 million ($122 million), delivering a robust margin of 59.3 percent.
Yahsat reported a net income of AED167 million ($45 million), up 50.7 percent year-on-year, driving a strong net margin of 22.1 percent. The contracted future revenue of more than AED7.7 billion ($2.1 billion), equivalent to 5.2 times FY2021 annual revenue.
The company has a strong financial position, high visibility on future cash flows, as well as an underpin ability to invest in growth and sustain an attractive dividend policy.
Yahsat is on track to grow FY2022 dividend by at least 2 percent to 16.12 fils ($4.39 cents) per share or AED393 million ($107 million), split into two equal installments payable around October 2022 and May 2023.
Musabbeh Al Kaabi, Chairman of Yahsat, said, “Against a backdrop of challenging global economic headwinds, we are delighted to record our highest ever first-half revenue whilst significantly growing Adjusted EBITDA and net income. This reflects the strength of our business underpinned by strong contracted future revenue and positive momentum across operating segments.”
Ali Al Hashemi, Group Chief Executive Officer of Yahsat, said the company’s future revenue exceeds AED7.7 billion, equivalent to 5.2 times FY2021 annual revenue.
“Looking ahead, we remain on track to bring into commercial service our Next Generation Satellite, Thuraya 4-NGS, in the second half of 2024, whilst two new satellites, Al Yah 4 and Al Yah 5, are under consideration for launch in 2026,” he said.
For the financial year 2022, the total expected dividend is a minimum of 16.12 fils per share (US Cents 4.39), split into two equal installments payable around October 2022 and May 2023 respectively. This represents a total dividend payment of AED393 million ($107 million).