Yahsat planning 2 new satellites
November 15, 2022
By Chris Forrester
Abu Dhabi-based Yahsat has issued RFPs for two new satellites (Al Yah 4 and Al Yah 5) with launch targets of 2026-2027.
The news came as part of the operator’s financial results for the nine months to September 30th. Yahsat says almost all of its divisions reported growth with improved revenues and that the company had enjoyed “exceptional Q3 performance”.
Yahsat operates a fleet of five satellites, including those of Thuraya, and has an equity partnership with SES in Yahlive, a DTH service.
The new satellites will likely replace its Al Yah 1 and Al Yah 2 craft launched in 2011 and 2012 respectively.
Yahsat said its Q3 revenues and EBITDA “soared” by 16 per cent and 21 per cent respectively y-o-y, “underpinned by a stellar performance in its Managed Solutions business. This business, together with the stable, long-term contracted Infrastructure business, serves the requirements of the UAE Government, including government related bodies and entities in the UAE, for secure satellite communications capacity and end-to-end managed services.”
The highlights were:
- Revenue of $315 million, up 11 per cent
- Net Income of $76 million, up 39 per cent
- Future backlog of $2.1 billion (5-times annual revenue)
Ali Al Hashemi, CEO, commented: “Yahsat has delivered another excellent performance with third quarter revenue and EBITDA growth accelerating compared to the first half of 2022. Our core Government business has performed particularly well with quarterly revenues in our Managed Solutions business more than doubling year-on-year. Through the procurement of the T4-NGS satellite, which we expect to launch in the first half of 2024 and enter operations in the first half of 2025, we remain well positioned to meet the UAE Government’s increasing demand for advanced satellite communication solutions. T4-NGS will also strongly support our commercial operations in Mobility Solutions, which achieved double digit revenue growth during the first nine months of the year.”
“Our industry is witnessing an exciting period of significant innovation and investment. Yahsat is in a strong financial position with a robust balance sheet and a large and visible backlog of contracted future revenues, providing it with the capacity to invest and pursue future growth opportunities. Our recent investment and commercial agreement with eSAT Global to develop a platform for low and very low data rate IoT sensing and tracking devices is an example of the proactive role that Yahsat is playing in shaping the industry’s future development,” he added.