Al Yah Satellite Communications Company (Yahsat) will pay an interim cash dividend of AED196.6 million ($53.5 million) for the first half of 2022.
The dividend will be paid by 14 October 2022 to all shareholders of record as at 30 September 2022 and is equivalent to 8.06 fils ($2.19 cents) per share.
The Group it is on track to deliver a total dividend of at least AED393.3 million (US$107.1 million) for the full 2022 financial year, an increase of 2 percent over the prior year and reinforcing its commitment to delivering attractive shareholder returns, Yahsat said.
This would imply a 5.8 percent annual dividend yield for 2022 (based on a closing share price of AED2.78 on 20 September 2022).
The second and final dividend for 2022 is expected to be paid in April 2023, subject to the Board of Directors’ recommendation and shareholders’ approval at the next annual general assembly.
Musabbeh Al Kaabi, Chairman of Yahsat, commented, “With good visibility on future earnings, and contracted future revenue exceeding AED7.7 billion, equivalent to 5.2 times our 2021 annual revenue, we are in a solid position to continue to reward shareholders. This interim dividend reaffirms our commitment to grow the dividend by at least 2 percent per year, and we are on track to pay a total dividend of at least AED393.3 million for the full year.”