
Resilient first half performance with stable Normalised EBITDA and net income
Revenue, profitability and cash flow guidance reiterated for the full year
Abu Dhabi, United Arab Emirates, 30 July 2024: 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 six month period ended 30 June 2024.
Whilst revenue marginally fell by 3% versus the prior year to AED 734 million [USD 200 million], EBITDA surged by 25% to AED 566 million [USD 154 million]. Net income also increased strongly by 62% to AED 269 million [USD 73 million]. On a normalised basis, adjusting for material, one-off items to allow for like-for-like comparison, EBITDA was stable versus the prior year at AED 462 million [USD 126 million]. Normalised Net income, which reached AED 175 million [USD 48 million], also remained stable versus the prior year notwithstanding the material impact of UAE corporate tax which was adopted by Yahsat for the first time this year.
This resilient performance was driven by revenue growth across two segments. Infrastructure, the Group's largest segment providing communications capacity to the UAE Government by means of an index-linked long-term contract, continued to grow its year-on-year revenues by 1%. Managed Solutions, the Group's second largest segment by revenue, providing complete value-added satellite communications solutions primarily to the UAE Government and related entities, reported impressive revenue growth of 15%, maintaining robust EBITDA margins of more than 60% and building on a strong prior year performance. The Mobility Solutions segment, which provides mobile satellite services using L-band spectrum, recorded lower revenues, mainly on fewer equipment sales following the Thuraya 3 satellite anomaly in April 2024. Data Solutions, the Group's smallest segment, offering satellite-based broadband data solutions, saw a slight reduction in revenue on lower subscriber numbers and associated equipment sales as the business strategically pivots towards higher margin markets.
Highlights for the period include:
Revenue of AED 734 million [USD 200 million], 3% lower year-on-year with growth achieved in the Infrastructure and Managed Solutions segments.
Normalised EBITDA of AED 462 million [USD 126 million], stable versus the prior year, with an 7% reduction in the normalised cost base resulting in an expanded margin of 63% (prior year 61%).
Normalised Net Income (profit) of AED 175 million [USD 48 million], stable versus the prior year, due to higher net finance income absorbing higher depreciation and the impact of the introduction of UAE corporate tax (9% rate); margins remained strong at 24% (prior year 23%).
Contracted future revenue of AED 24.5 billion [USD 6.7 billion], equivalent to approximately 15 times last-twelve-month revenue and only 2% lower versus the beginning of 2024.
Strong cash generation with Discretionary Free Cash Flow ( DFCF ) of AED 287 million [USD 78 million], slightly lower than the prior year but well ahead of expectation.
Strong balance sheet with a strong cash position of AED 1.5 billion [USD 398 million], Net Debt of only AED 115 million [USD 31 million] and AED 3.7 billion [USD 1 billion] expected in new advance payments to be received over the construction period of the Al Yah 4 and Al Yah 5 satellites. The Group also has access to an AED 1.1 billion [USD 300 million] bridge facility, which was partially drawn down in July, and enjoys long-term visibility and security of future cash flows up to 2043.
Guidance for revenue, EBITDA and cash flow is reiterated but expected CapEx has been revised lower for the full year to AED 1.5-1.6 billion [USD 400-430 million] from AED 1.7-1.8 billion [USD 470-500 million] following the signing of the full procurement contract for Al Yah 4 and Al Yah 5 with Airbus in June 2024.
Ali Al Hashemi, Group Chief Executive Officer of Yahsat, commented: Yahsat has achieved another set of resilient results, demonstrating solid growth in our core government business, offsetting headwinds in our mobile satellite services segment.
We continue to progress toward finalising the full contract for the new US$5.1 billion Capacity and Managed Services Mandate with the UAE Government and have signed, during the last quarter, the full procurement contract with Airbus for two new satellites, Al Yah 4 and Al Yah 5. Further, we continue to work towards a successful launch of the Thuraya 4 next generation satellite in the fourth quarter of this year, which will significantly upgrade Thuraya's capabilities and product line for many years to come.
Finally, we are looking forward to completing the merger with Bayanat in the second half of the year and are finalising plans for the successful integration of both companies. This merger will position the new combined entity Space42 as an AI-powered space technology champion in the MENA region with global reach. For the first time in our industry, we will combine advanced satcom solutions and geospatial analytics, operating communication and Earth Observation satellites across multiple orbits.
The full set of quarterly financial disclosures can be found within the Investor Relations section on Yahsat's website.
Note to Editors:
Normalised EBITDA is EBITDA (earnings before interest, taxes, depreciation and amortisation) adjusted for material, one-off items recorded during the current and comparative periods that would otherwise distort the underlying, like-for-like performance of the business. H1 2024 Normalised EBTIDA of AED 462 million [USD 126 million] reflects an adjustment for one-off advisory costs related to the merger between Yah
Most recent headlines
05/01/2027
Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...
07/10/2026
Dalet, a leading technology and service provider for media-rich organizations, today announced the latest Long-Term Supported (LTS) release of Dalet Flex. Build...
08/09/2026
Comcast Technology Solutions (CTS) has announced a multi-year agreement with A E...
08/09/2026
Spectra Logic today announced the availability of Media Insight, a new capabilit...
08/09/2026
Rogers Communications and Quebecor have announced a 12-year sublicensing agreement for French-language national NHL games beginning with the 2026-27 season. TVA...
08/09/2026
Skyline Communications and Bridge Technologies will demonstrate two integrations...
08/09/2026
Boland Communications will make the European debut of its 4K55HDR7SNB 55-inch super-narrow-bezel monitor at IBC2026 (Stand 12.C57, RAI Amsterdam, September 11-1...
08/09/2026
Ateme and Comcast Technology Solutions (CTS) have announced a collaboration comb...
08/09/2026
Haivision has joined the IBC Accelerator Media Innovation Programme as part of t...
08/09/2026
Blackmagic Design has announced price reductions on its PYXIS 6K and Cinema Camera 6K models, effective immediately through Blackmagic Design resellers worldwid...
08/09/2026
AI-Media will demonstrate its LEXI Suite at IBC2026 (Booth 5.C34, September 11-1...
08/09/2026
Bitmovin and Ad Insertion Platform (AIP) have announced the first live deploymen...
08/09/2026
Grass Valley will demonstrate story-centric media workflows at IBC2026 (Booth 9.A01, RAI Amsterdam, September 11-14), connecting newsroom production, content ma...
08/09/2026
M2A Media and Ateme have announced a partnership integrating Ateme's video processing solutions into M2A Media's MediaToAnywhere platform for live sport...
08/09/2026
Ikegami will exhibit at IBC2026 (Stand 12.A31, RAI Amsterdam, September 11-14), including a Day 1 introduction of new cameras in the UNICAM XE series. Additiona...
08/09/2026
Broadcast industry analysts will be gathering plenty of insights at the 2026 IBC Show this weekend in Amsterdam, but Caretta Research has offered up some though...
08/09/2026
SENSHI and DAZN have announced a global broadcast partnership that will bring SENSHI's live events free to viewers in more than 200 markets. The partnership...
08/09/2026
New architecture built with Evertz will bring 4K HDR to Monday Night Football, N...
08/09/2026
Built for rap producers, by rap producers
Sauceware Audio, the independent plug-in company founded by Grammy-nominated producer Jacob (Travis Scott, 21 Sava...
08/09/2026
Classic Sound Techniques design revived
Warm Audio's latest release delivers a meticulous recreation of the preamp circuitry employed by the Sound Techn...
08/09/2026
Latest soft synth inspired by the Memorymoog
XILS Lab have just launched a software instrument that draws its inspiration from Moog's iconic Memorymoog,...
08/09/2026
The Airport Chaplain takes off as SBS's biggest launch of 2026
8 September, 2026
Media releases
1.67 million viewers on National Total TV to date
Best...
08/09/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
08/09/2026
Mo-Sys, the world-leading developer of virtual production, camera robotics and image tracking technology, has completed a business restructuring, which has incl...
08/09/2026
New York, September 8, 2026 The TSAmediaHUB audiovisual contribution and distribution infrastructure developed by Telef nica's Audiovisual Services area re...
08/09/2026
Expanded Riyadh operation brings Asharq and Thmanyah services together on a resilient on-premises Pebble platform.
Pebble, the leading automation, content mana...
08/09/2026
Techex, a pioneering leader in live video workflows, will showcase its broadest software feature set to date at IBC 2026 (Stand 2.B45), extending its lead in so...
08/09/2026
Visitors to Grass Valley's booth at IBC2026 will be introduced to new Framelight X capabilities that connect content acquisition, management, editing and pu...
08/09/2026
BCNEXXT will showcase the latest evolution of Vipe at IBC2026 (Stand 2.B09), introducing a series of innovations designed to deliver higher-quality audience exp...
08/09/2026
Bitmovin, a provider of video streaming solutions, has partnered with Ad Insertion Platform (AIP), a leading innovator in advanced ad insertion technologies, to...
08/09/2026
Brainstorm, a leading manufacturer of real-time graphics and augmented and virtual production, is announcing a major package of enhancements to its Suite 7 soft...
08/09/2026
Big Blue Marble is supporting TDF, French infrastructure and network operator, broadcasting Digital Terrestrial Television (DTT) and radio services, as a techno...
08/09/2026
Agents work inside a single production environment, from incoming wire copy to a live studio show...
08/09/2026
Building on their strategic partnership, Ceeblue and Layercake make the unthinkable possible: scalable sub-second streaming over standard DRM, SSAI, and CDN wor...
08/09/2026
Brainstorm, a leading manufacturer of real-time graphics, augmented and virtual production, is completing the environment for fast-paced broadcast production wi...
08/09/2026
A SaaS portfolio built to work together, helping operators grow audiences, monetise smarter and run leaner, on their own terms
At IBC 2026 (stand 1.B49) Synam...
08/09/2026
Accedo, global provider of video streaming software and services, has been selected by PlayOn Sports, a national leader in high school sports technology, to exp...
08/09/2026
LiveU, the leader in live IP-video solutions, is enabling The Associated Press to take global newsgathering to the next stage with intelligent connectivity and ...
08/09/2026
Mediagenix, a global leader in smart content solutions to profitably connect the right content to the right audience, today announced the latest evolution of it...
08/09/2026
Compact, power-efficient X Platform performance brings broadcast-grade reliability and ultra-low latency to space-constrained remote production (REMI) workflows...
08/09/2026
Zixi, the leader in live video delivery and workflow orchestration, and Kiloview, a leading provider of professional IP video encoding and decoding solutions, t...
08/09/2026
Collaboration gives content owners scalable CDN capacity and broadcasters enhanced flexibility, including for C-band transition planning
Quortex today announce...
08/09/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
08/09/2026
Telos Alliance and Pluxbox Announce Dynamic Media Facility Integration Partnersh...
08/09/2026
J nger Audio Showcases Industry-First S-ADM Cloud Workflow at IBC 2026
Search
Dolby, MainConcept, Techex and J nger Audio will showcase the industry's ...
08/09/2026
Tuesday 8 September 2026
Sky Go gets a major upgrade for Sky Glass and Sky Stream customers
Today, Sky launches a new version of the Sky Go app for Sky Glass ...
08/09/2026
Documentary thriller simulating a Russian attack on UK soil will culminate in a live final episode reuniting the playersTuesday 8 September 2026
Trailer releas...
08/09/2026
Tuesday 8 September 2026
Jamie Demetriou and Amelia Dimoldenberg to host next t...
08/09/2026
Wuppertal September 8, 2026
Riedel Introduces New OnAir Headset PlatformRiedel Communications today announced the launch of its new OnAir headset platform, a...