Yahsat reports $100.54mln in record Q1-23 revenues

Yahsat reports $100.54mln in record Q1-23 revenues

ABUDHABI - Al Yah Satellite Communications Company PJSC (“Yahsat” or the “Group”), the UAE’s flagship satellite solutions provider listed on the Abu Dhabi Securities Exchange announced today its consolidated financial results for the three months ended 31 March 2023.

Yahsat continued to deliver year-on-year growth in revenue, EBITDA and Net Income, which increased 2%, 4% and 35% respectively during the quarter. On a normalised basis EBITDA and Net Income surged by 8% and 46% respectively.

First quarter revenues reached AED 369 million [USD 100 million] for the first time in Yahsat’s history with the strong performance primarily driven by the Managed Solutions segment, which saw revenue increase significantly by 29% year-on-year to AED 72 million [USD 20 million]. Infrastructure, the Group’s largest business segment, continued to deliver stable and predictable returns, reporting AED 220 million [USD 60 million] in revenue for the period, 1% higher than the prior year.

The company reported revenue of AED 369 million [$100 million], up 2% year-on-year, driven by strong growth of 29% in Managed Solutions, and further growth in the Infrastructure and Data Solutions businesses. A normalised EBITDA of AED231 million [$63 million], was reported as well, up 8% year-on-year, delivering a superior margin of 63%. This