Abu Dhabi-based satellite operator Al Yah Satellite Communications Company (YahSat) has announced a profit of $13.2 million for the third quarter of 2021, down by 37.8 percent from $21.2 million in the same period last year.
The company also saw its profit for the first nine months of 2021 fall to $43.3 million from $51.2 million during the corresponding period last year.
In a statement, the company said the top line continued to “gain momentum” with revenue for the nine months of AED1 billion [$284.3 million].
It said the revenue is broadly in line with last year, “demonstrating a strong and sustained performance since Q1 2021”.
“A strong pipeline across all business lines is set to support further revenue growth, with several new commercial and government contracts secured and further significant deals already signed as of the date of this announcement,” the statement said.
YahSat began trading on the Abu Dhabi Securities Exchange (ADX) in July following its initial public offering (IPO).
The revenues for the third quarter were consistent at $94.11 million for compared with $95.327 million for the same period in 2020.
Yahsat said a final dividend of $52.5 million for 2021 is expected to be paid to all shareholders in April 2022, bringing the total dividend for the year to $105 million.
The dividend is expected to grow at least 2 percent per year, according to the company’s revised dividend policy which is set to be ratified in the next annual general assembly (AGM), the company said.
YahSat said it is positioned well for future growth, with contracted future revenues of over AED7.3 billion [over $2 billion].
Last week, the UAE government appointed YahSat to complete a detailed analysis, assessment and recommendation for two new satellites, which would be targeted for launch in 2026