Dubai, UAE — Al Yah Satellite Communications Company (Yahsat), the UAE’s flagship satellite solutions provider, said the first quarter revenue reached AED369 million ($100 million) for the first time in the company’s history.
In a statement, the company said the growth in revenue was primarily driven by the Managed Solutions segment, which saw revenue increase by 29 percent year-on-year to AED72 million [$20 million].
Infrastructure, the Group’s largest business segment, reported AED220 million [$60 million] in revenue for the period, 1 percent higher than the previous year.
The company reported normalized net income of AED108 million [$29 million] up 46 percent year-on-year, generating a margin of 29 percent.
The company expects the full year 2023 dividend to grow by at least 2 percent to 16.46 fils [4.48 cents] per share or AED402 million [$109 million], based on the last closing share price.