Yahsat reports AED1.6 billion revenue, 6% YoY increase in 2022

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Al Yah Satellite Communications Company (Yahsat) today announced its consolidated financial results for the fourth quarter and full year for 2022.

For the twelve-month period, Yahsat delivered growth in revenue and adjusted EBITDA, which increased 6% and 7% respectively year-on-year, meeting and exceeding financial guidance targets.

Highlights for the full year include revenue of AED1.6 billion (US$433 million), up 6% year-on-year, driven by growth of 41% in Managed Solutions and stable performance across the infrastructure and mobility solutions businesses.

Other highlights include Adjusted EBITDA of AED946 million (US$258 million), up 7% year-on-year, delivering a margin of 60%; normalised net income of AED390 million (US$106 million), up 31% year-on-year, generating a margin of 25%; and contracted future revenue of AED7.3 billion (US$2 billion), equivalent to 4.6 times annual revenue for the year 2022.

The company also reported proposed full year dividend of AED16.12 fils (US$4.39 cents) per share or AED393 million (US$107 million), 2% higher than the prior year, of which 50% was paid as an interim dividend in October 2022 and the remaining amount is expected to be paid as a final dividend in May 2023 subject to shareholder approval at the upcoming annual general meeting.

Musabbeh Al Kaabi, Chairman of Yahsat, commented, “In a year of continued transformational change for the satellite industry and against a backdrop of global economic headwinds and tighter financial conditions, the company continues to deliver top-line revenue growth, a superior margin and healthy cash flows, positioning it to sustain and grow its dividend and invest in organic and inorganic growth opportunities.”

Ali Al Hashemi, Group CEO of Yahsat, said, “Yahsat delivered strong growth in 2022. The launch of the Thuraya-4 NGS satellite in 2024 followed by two potential new satellites, Al Yah 4 and Al Yah 5, demonstrates our commitment to sustaining our core government business, presenting unique growth opportunities for the Group that are expected to further secure our long-term financial outlook beyond 2026.”