
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 ...
09/10/2026
September 10 2026, 06:00 (PDT) Dolby Expands Dolby OptiView Platform with New Capabilities at IBC 2026
New Sports Intelligence helps providers better unders...
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...
10/09/2026
Duff Foreman is an AI-generated announcer who will add color to this month's New Mexico Open...
10/09/2026
Bitmovin is rolling out Encoder Version 3, the next major release of the technology behind its VOD and Live Encoders. Version 3 is built on a premise every stre...
10/09/2026
At IBC2026, on booth 1.B47, Net Insight will showcase Open Live Media, its architecture for delivering resilient live media services across networks, partners, ...
10/09/2026
The Professional Women's Hockey League (PWHL) and Scripps Sports have announced a national broadcast rights agreement for the 2026-27 season, a landmark par...
10/09/2026
The Trusted Partner Network (TPN), the global content security initiative powere...
10/09/2026
The NFL is launching its most expansive creator programming yet, bringing togeth...
10/09/2026
Sportsnet is set to deliver its biggest hockey season ever with a national sched...
10/09/2026
LiveU is now a Clarus Integrated Reseller, bringing Starlink's fast, reliabl...
10/09/2026
Mimir is the cloud-native media production platform built for teams that need to move media fast across live, archive, web, social, and broadcast workflows. At ...
10/09/2026
ATSC is being honored with a 2026 Technology & Engineering Emmy Award by the Nat...
10/09/2026
Audio-Technica has introduced the BP880R Contact Transducer, a specialized micro...
10/09/2026
TMRW Sports in partnership with the LPGA, today announced multiyear U.S. media rights agreements with ESPN and Scripps Sports/ION to bring WTGL, the new women...
10/09/2026
SportsNet Pittsburgh (SNP) in partnership with Major League Baseball and the Pit...
10/09/2026
Tennis Channel announced today its launch as a Premium Subscription on The Roku Channel.
Tennis Channel offers viewers a single home for Tennis Channel and Ten...
10/09/2026
Dolby has announced major updates to Dolby OptiView, its live sports platform, ahead of IBC 2026. The updates include new AI-powered intelligence to better unde...
10/09/2026
Dalet has appointed Brian Doheny as CEO. Doheny joined Dalet as President and Chief Revenue Officer in April 2026. Since joining Dalet, Doheny has led the compa...
10/09/2026
Sony, as well as its partner company Nevion, is starting IBC 2026 with a handful of announcements for attendees to see on the show floor.
Sony Announces the 4t...
10/09/2026
The six-year-old venue is expanding capabilities for NFL action, Super Bowl LXI, 2028 Summer Olympics
SoFi Stadium, as well as the surrounding area known as Ho...
10/09/2026
Editing, restoration & mastering suite upgraded Acon Digital Acoustica 8 audio editing restoration mastering software.
Acon Digital have just launched the la...
10/09/2026
Classic synths & drum machines available to play
Based in Reading, UK, Readipop are a music and arts charity with a long track record of innovative, partici...
10/09/2026
Popular model updated & new addition introduced
With many of the models in Neumann's KH family now boasting onboard DSP and support for the company'...
10/09/2026
Improved desktop interface announced
The latest iteration of Arturia's flagship desktop audio interface has just arrived, introducing improved preamps, ...
10/09/2026
Progress needs proof: Rohde & Schwarz showcases its trailblazing test solutions ...
10/09/2026
France launch follows UK and Germany as Nielsen expands product across EMEA
Paris, France, September 10, 2026 - Nielsen, a global leader in audience measuremen...
10/09/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
10/09/2026
Leading professional audio manufacturers NUGEN Audio, RTW, Steinberg and Telos Alliance have joined forces with Fraunhofer IDMT to establish a common approach t...
10/09/2026
Built Into Setplex's Zapflex Platform, AI Insider Turns Video Service Data Into Actionable Insights
Setplex today introduced AI Insider, a breakthrough new...
10/09/2026
Managed service changes dialogue without actor-specific training or facial rigging while preserving the original performance and fitting established post-produc...
10/09/2026
The ACT Entertainment tvONE and Green Hippo Pixel Academy has released its autumn course schedule, with hands-on training dates in September, October and Novemb...
10/09/2026
Orange Polska continues to Rely on Viaccess-Orca for Secure TV Services and the Next Phase of its Technology Evolution
Viaccess-Orca (VO), a global leader in T...
10/09/2026
Generate and create directly in your timeline with new AI-powered innovations in...
10/09/2026
Tedial is introducing Media Business Hub (MBH) at IBC 2026, a new business enablement platform designed to help media organizations unlock the full value of the...
10/09/2026
Globecast, a leading provider of broadcast, media and entertainment managed services, will unveil the next phase of its transformation at IBC2026 with a preview...
10/09/2026
Fabric Data and TMT Insights today announced that the two companies are combining to create Fabric Insights, uniting authoritative data, purpose-built software,...
10/09/2026
Operative, the preferred advertising and broadcast management provider for the world's leading media brands, today announced a comprehensive slate of new pr...
10/09/2026
Test & measurement innovator, Leader Electronics of Europe, has announced the launch of its latest range of handheld signal generation, analysis and monitoring ...
10/09/2026
The partnership begins with native Zixi protocol support on the Kiloview D350 and will extend to deeper product integration and joint go-to-market initiatives
...
10/09/2026
Avid and FilmLight announce strategic partnership to reimagine the color pipelin...
10/09/2026
Maxon Brings Exclusive Preview of Fall Innovations to IBC2026
Brie Clayton September 10, 2026
0 Comments
IBC attendees will get the first look at new ...
10/09/2026
Puget Systems Launches Built Different by Puget Systems, A New Podcast That Go...
10/09/2026
Three Boston Conservatory Dance Alums Honored for Their Early-Career Promise India Hobbs and Demetrius Lee received Princess Grace Awards, while Lilly David t...
10/09/2026
MonoNeon Returns to Berklee to Kick Off Signature Series The Grammy-winning bassist and alumnus performs with students and faculty from the Planet MicroJam In...
10/09/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
10/09/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
10/09/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
10/09/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
10/09/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...