Yahsat reports AED369 million in record Q1-23 revenues

Yahsat reports AED369 million in record Q1-23 revenues

ABUDHABI, 8th May 2023 (WAM) -- Al Yah Satellite Communications Company PJSC (“Yahsat” or the “Group”), the UAE’s flagship satellite solutions provider listed on the Abu Dhabi Securities Exchange (”ADX”, under symbol: YAHSAT, ISIN: AEA007501017) 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,