UAE satellite firm Yahsat revenues soar to high of Dh371m for Q1-2024

UAE satellite firm Yahsat revenues soar to high of Dh371m for Q1-2024

Yahsat's Q1-2024 numbers were boosted by its multiple contracts from the UAE Government. Image Credit: Supplied

Dubai: Yahsat, the UAE satellite services firm, saw its net income take quite a leap, hitting a record Dh194 million for Q1-2024. Revenues too were at a new high, of Dh371 million.

Yahsat is one-half of a new entity - Space42 - that will be one of the biggest publicly listed space tech companies in the world. Bayanat is the partner in the entity that will be created out of the merger.

The shareholder approval for the merger was completed April 25. 

For Q1-24, after adjusting for one-off items to allow like-for-like comparison, the EBITDA grew 7 per cent to Dh247 million, while net income fell 8 per cent to Dh99 million. This reflected the introduction of UAE's corporate tax.

The revenue gains came from two sets of operations - Infrastructure, which is Yahsat's largest segment. It provides communications capacity to the UAE Government through an index-linked long-term contract. The other major revenue generation was from managed solutions, which provides value-added satellite communications solutions, primarily to the UAE Government and related entities. This grew 19 per cent as well as generated higher margins.

The mobility solutions segment, which provides mobile satellite