ABU DHABI, Al Yah Satellite Communications Company today announced its financial results for the three-month period ended 31st March 2022. Yahsat reported first-quarter revenue of AED362.5 million [US$98.7 million], reflecting an increase of 9.4% year-on-year.
All business segments performed well, with a particularly exceptional performance in both Managed Solutions and Mobility Solutions, which increased by 26.0% and 45.4%, respectively.
Ali Al Hashemi, Group Chief Executive Officer of Yahsat, commented, “Yahsat has had an excellent start to 2022 with significant year-on-year growth in revenue, adjusted EBITDA and net income. With the recent award of a five-year managed services mandate from the UAE Government, reinforcing our position as its preferred satellite solutions partner, we strengthened our foundations for long term sustainable growth, and now show contracted future revenue of AED8.1 billion (US$2.2 billion), 5.4 times our annual revenue.
“With almost 90% of remaining projected revenue for the current year already secured, we remain very confident in our outlook for Yahsat and reiterate our guidance for FY2022.”
Future revenue increased by 8.6% since the start of the financial year and by 47.3% since the beginning of 2021, underpinned by the recent 5-year AED908.9 million [$247.5 million] managed services mandate awarded by the UAE Government.
Adjusted EBITDA of AED213.4 million [$58.1 million] increased by 6.8% year-on-year, generating a solid margin of 58.9%. Net income (profit attributable to shareholders) of AED73.8 million [$20.1 million] increased by 26.4% year-on-year, resulting in a higher net income margin of 20.4% versus 17.6% in the prior period.
Source: Emirates News Agency