Yahsat reports record revenue
August 11, 2022
By Chris Forrester
Abu Dhabi-based satellite operator Yahsat has declared a Q2 profit of $25.3 million (€24.4m), and recorded its highest-ever revenues for the half-year, up 8.1 percent.
Yahsat (officially the Al Yah Satellite Communications Co), which is listed on the Abu Dhabi stock exchange, reported revenues for the half-year of $206 million. Yahsat’s growth momentum continued in Q2 2022 with revenue of $107 million, an increase of 6.9 per cent year-on-year. Both Managed Solutions and Mobility Solutions performed exceptionally well, says the company, with H1 2022 revenues increasing by 35.1 per cent and 24.1 per cent respectively.
Its Africa-based YahClick broadband subscriber numbers increased 24 per cent. YahClick helps connect 28 nations in South-West Asia, Africa and the Middle East. The company has recently secured a contract with Zimbabwe’s government to connect schools.
Yahsat’s forward guidance expects total 2022 revenues to be at least $420 million (and with the upper end at $440 million).
Ali Al Hashemi, Group CEO, commented: “Yahsat has delivered exceptional results, recording its highest-ever first half revenue and demonstrating our performance-driven culture to deploy innovative capabilities and grow the business. Our contracted future revenue exceeds AED 7.7 billion, equivalent to 5.2 times FY2021 annual revenue. Looking ahead, we remain on track to bring into commercial service our Next Generation Satellite, Thuraya 4-NGS, in the second half of 2024 whilst two new satellites, Al Yah 4 and Al Yah 5, are under consideration for launch in 2026. We remain very confident in both our short-term and long-term outlook, and have accordingly increased the lower end of our revenue guidance for FY2022, whilst reiterating our commitment to pay a progressive dividend.”
Yahsat said that its dividend payments would grow by 2 per cent per annum. For financial year 2022, the total expected dividend is a minimum of US Cents 4.39 per share, split into two equal instalments payable around October 2022 and May 2023 respectively. This represents a total dividend payment of US$107 million.