UAE’s Yahsat reports 6% rise in revenue for 2022

UAE’s Yahsat reports 6% rise in revenue for 2022

UAE’s satellite solutions provider Al Yah Satellite Communications Company (Yahsat) has reported a 6 per cent year-on-year rise in revenue to reach Dhs1.6bn ($433m) in 2022. Higher revenue was driven by a growth of 41 per cent in Managed Solutions and stable performance across the infrastructure and mobility solutions businesses, the ADX-listed company said in a statement on Tuesday. Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to Dhs946m ($258m), up 7 per cent year-on-year. The normalised net income rose 31 per cent year-on-year to equal Dhs390m ($106m), generating a margin of 25 per cent. “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,” said Musabbeh Al Kaabi, chairman of Yahsat. The company also reported a proposed full year dividend of 16.12 fils ($0.0439) per share or Dhs393m ($107m), up 2 per cent compared to the prior year. As much as 50 per cent was paid as an interim dividend in October 2022,