Abu Dhabi, UAE — Al Yah Satellite Communications Company (Yahsat) Tuesday announced revenue of AED1.2 billion ($0.28 billion), up 11 percent year-on-year, for the first three quarters of 2022.
The company also posted an adjusted EBITDA of AED694 million ($189 million), up 10 percent year-on-year.
It also announced a normalised net income of AED278 million ($76 million), up 39 percent year-on-year, and contracted future revenue of AED7.6 billion ($2 billion), equivalent to more than 5 times annual revenue for the full year 2021.
“Yahsat has delivered another excellent performance with third quarter revenue and EBITDA growth accelerating compared to the first half of 2022,” Ali Al Hashemi, Group Chief Executive Officer of Yahsat, said. “Our core Government business has performed particularly well with quarterly revenues in our Managed Solutions business more than doubling year-on-year.”
Al Hashemi added that through the procurement of the T4-NGS satellite, which the company expects to launch in the first half of 2024 and enter operations in the first half of 2025, they will be in a position to meet the UAE Government’s increasing demand for advanced satellite communication solutions.
“T4-NGS will also strongly support our commercial operations in Mobility Solutions, which achieved double digit revenue growth during the first nine months of the year,” he said.
“The procurement of two new satellites, Al Yah 4 and Al Yah 5, remains under consideration for launch in 2026 which will secure continuity of service well beyond the lifetime of our existing fleet.”