Yahsat H1 revenue at $205m
August 10, 2023
By Chris Forrester
Abu Dhabi-based satellite operator Al Yah Satellite Communications (Yahsat) has reported revenue of $205 million (€186m) for the first-half of 2023. As of June 30th, the group’s contracted future backlog revenue remained strong at $1.9 billion, equivalent to around 4.4 times last-twelve-month revenue. Net profit, however, was flat at $45.306 million ($45.361 million same period in 2022).
Ali Al Hashemi, Group CEO/Yahsat, said: “Yahsat continues to improve its business operations and profitability, and we remain focused on growing both our core government business and commercial segments, whilst controlling and optimising costs across the group.”
“In addition to completing the Thuraya-4 NGS satellite procurement programme, which remains on track to be launched in the first half of 2024, we have signed an Authorization-to-Proceed (ATP) with Airbus, a long-time partner of Yahsat, to commence initial activities relating to the procurement of the Al Yah 4 and Al Yah 5 satellites. In parallel, we are in advanced negotiations with the UAE government to secure a long-term contract that would significantly increase and extend our backlog of contracted revenues beyond 2040,” he added. “The satellite industry continues to witness substantial investments and the development of new business models. Together, these forces are driving industry consolidation and the necessary emergence of larger and stronger players. Yahsat remains in a strong position to take advantage of these developments, underpinned by our unique backlog of future revenues and our historically strong and robust balance sheet.”