Yahsat revenue jumps 6% to AED1.6 billion in 2022

ABU DHABI / WAM

Al Yah Satellite Communications Company (Yahsat) on Tuesday announced its consolidated financial results for the fourth quarter and full year for 2022.
For the twelve-month period, Yahsat delivered growth in revenue and adjusted Ebitda, which increased 6% and 7% respectively year-on-year, meeting and exceeding financial guidance targets.
Highlights for the full year include revenue of AED1.6 billion ($433 million), up 6% year-on-year, driven by growth of 41% in managed solutions and stable performance across the infrastructure and mobility solutions businesses.
Other highlights include adjusted Ebitda of AED946 million ($258 million), up 7% year-on-year, delivering a margin of 60%; normalised net income of AED390 million ($106 million), up 31% year-on-year, generating a margin of 25%; and contracted future revenue of AED7.3 billion ($2 billion), equivalent to 4.6 times annual revenue for the year 2022.
The company also reported proposed full year dividend of AED16.12 fils ($4.39 cents) per share or AED393 million ($107 million), 2% higher than the prior year, of which 50% was paid as an interim dividend in October 2022 and the remaining amount is expected to be paid as a final dividend in May 2023 subject to shareholder approval at the upcoming annual general meeting.
Musabbeh Al Kaabi, Chairman of Yahsat, commented, “In a year of continued transformational change for the satellite industry and against a backdrop of global economic headwinds and tighter financial conditions, the company continues to deliver top-line revenue growth, a superior margin and healthy cash flows, positioning it to sustain and grow its dividend and invest in organic and inorganic growth opportunities.”
|Ali Al Hashemi, Group CEO of Yahsat, said, “Yahsat delivered strong growth in 2022. The launch of the Thuraya-4 NGS satellite in 2024 followed by two potential new satellites, Al Yah 4 and Al Yah 5, demonstrates our commitment to sustaining our core government business, presenting unique growth opportunities for the group that are expected to further secure our long-term financial outlook beyond 2026.”