ABU DHABI, Al Yah Satellite Communications Company (Yahsat) today announced its financial results for the nine-month period ended 30th September, announcing revenue of AED1.2 billion, up 11% year-on-year and adjusted EBITDA of AED694 million, up 10% year-on-year.
The company also announced a normalised net income of AED278 million, up 39% year-on-year, and contracted future revenue of AED7.6 billion, equivalent to more than 5 times annual revenue for the full year 2021.
Commenting on the Group’s latest financial results, Ali Al Hashemi, Group Chief Executive Officer of Yahsat, said, “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.
The potential procurement of two new satellites, Al Yah 4 and Al Yah 5, remains under consideration for launch in 2026 which will secure continuity of service well beyond the lifetime of our existing fleet.
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.”
Source: Emirates News Agency