UAE satellite firm Yahsat sets 2022 dividend at Dh393m after revenues rise to Dh1.6b

UAE satellite firm Yahsat sets 2022 dividend at Dh393m after revenues rise to Dh1.6b

Dubai: The UAE satellite maker Yahsat beamed a 6 per cent increase in 2022 revenues to Dh1.6 billion ($433 million), while net income dipped to Dh242.2 million from Dh256.9 million. Yahsat’s Board of Directors is recommending Dh393 million ($107 million) as 2022 dividend payout, or Dh16.12 fils a share. That’s 2 per cent higher over 2021. (Fifty per cent of this was paid as interim in October last and the rest by May 2023.) “In a year of continued transformational change for the satellite industry and against a backdrop of global economic headwinds and tighter financial conditions, the Group continues to deliver impressive top-line revenue growth, a superior margin and healthy cashflows, positioning it to sustain and grow its dividend and invest in organic and inorganic growth opportunities,” said Musabbeh Al Kaabi, Chairman. “The true test of a company's performance, however, is its ability to deliver on its promises, and I'm pleased to see Yahsat’s management team firmly meet or exceed the financial targets set out in our first full year as a publicly traded company following the successful IPO in July 2021.” "Based on Yahsat’s current share price, (it) implies a dividend yield of more than 6 per cent