YahSat Q3 profits down 38%
November 9, 2021
By Chris Forrester
Abu Dhabi-based Al Yah Satellite (YahSat) reported Q3 profits of $13.2 million (€11.3m), a 37.8 per cent fall on the same period last year.
The fall is doubly disappointing for investors considering YahSat mounted its IPO and listing on the Abu Dhabi bourse in July.
YahSat’s profits for the 9-month period fell to $43.3 million ($51.2 million for the same period in 2020).
Revenues, however, were steady at $94.11 million for the quarter-year and $284.29 million for the 9 month period.
Yahsat, a subsidiary of Abu Dhabi’s sovereign investor Mubadala, said it is positioned well for future growth, with contracted future revenues reaching more than $2 billion, underpinned by new commercial and government contracts secured in the third quarter of the year.