Yahsat revenue up 2% at Dh369 million in Q1 2023

Yahsat revenue up 2% at Dh369 million in Q1 2023

Abu Dhabi: Al Yah Satellite Communications Company (Yahsat), the UAE’s flagship satellite solutions provider listed on the Abu Dhabi Securities Exchange, reported revenue of Dh369 million in the first quarter of 2023, a 2 per cent growth compared to the year-ago period. Normalised net income for the period stood at Dh108 million, up 46 per cent year-on-year. The revenue growth was driven by strong performance of the Managed Solutions segment, which saw revenue increase by 29 per cent to Dh72 million. Infrastructure, the group’s largest business segment, reported revenue of Dh220 million, up 1 per cent. Normalised EBITDA was reported at Dh231 million, up 8 per cent year-on-year. Group CEO Ali Al Hashemi said: “Yahsat had a strong start to the year with continued focus on growing both our core government business and commercial segments, whilst optimising costs across the group. The upcoming Thuraya-4 NGS satellite, due to be launched in 2024, followed by two potential new satellites, Al Yah 4 and Al Yah 5, reinforce this direction and present unique growth opportunities. “We are also working to progress previously announced initiatives with local and international partners targeting areas including satellite-enabled internet of things, vertical value-chain integration, satellite direct-to-device and