Abu Dhabi satellite company Yahsat delivers best ever H1 performance, with revenues of Dh755m

Abu Dhabi satellite company Yahsat delivers best ever H1 performance, with revenues of Dh755m

Dubai: The Abu Dhabi satellite firm Yahsat delivered on revenues of Dh755 million in the first six months of 2022, up 8.1 per cent, while net income powered up 50 per cent to Dh167 million. What’s more, the company’s net margin came to a hefty 22.1 per cent. All of which sets up Yahsat - part of Mubadala - for a solid medium-term, with contracted future revenues of Dh7.7 billion plus, and equal to 5.2 times 2021 annual revenues. This includes the 5-year Dh909 million 'managed services mandate' from the UAE Government in February last. “Against a backdrop of challenging global economic headwinds, we are delighted to record our highest ever first-half revenue whilst significantly growing Adjusted EBITDA and net income,” said Musabbeh Al Kaabi, Chairman of Yahsat. Shareholders will likely see a higher dividend of at least 2 per cent – Dh16.12 fils a share – for a combined Dh393 million. This will be paid out between October and May next. Yahsat’s five satellites reach more than 80 per cent of the world’s population, enabling broadband, broadcasting, backhauling and mobility solutions. The company has raised its projected full-year 2022 revenues to ‘at least Dh1.54 billion, with the upper end