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
09/11/2025
Dalet today announced a transformative leap forward for media operations: Agentic Artificial Intelligence (AI) that unifies the Dalet ecosystem under one natura...
16/10/2025
Student Spotlight: Alan Villanueva The graduate student and saxophonist, who performed on Natalia Lafourcades Latin Grammy-nominated Live at Carnegie Hall alb...
16/10/2025
The XR Sports Alliance (XRSA) has announced the third cohort of members. The new members include MLSE, Vegas Golden Knights, Pro Climbing League, FansXR, Focal ...
16/10/2025
NEW YORK The Broadcasters Foundation of America has launched its 2025 Year-End Giving Campaign which seeks to raise donations from tax-deductible personal and c...
16/10/2025
NEW YORK Australias Nine Network and the National Hockey League (NHL) today announced a media partnership that will bring the worlds premier professional ice ho...
16/10/2025
Parks Associates has released new data showing that nearly half (45%) of U.S. internet homes watch free ad-supported streaming TV (FAST) services and 89% of U.S...
16/10/2025
TROY, Mich. -New data from J.D. Power's 2025 U.S. Residential Internet Service Provider Study shows that residential wireless internet providers are growing...
16/10/2025
This Saturday October 18 Katja Mia will burst onto the radio airwaves for the first time as she joins 2FM. Katja will be standing in for Bl thnaid Treacy on Sat...
16/10/2025
This October, RT is delighted to support Wexford Festival Opera, Babor International Arts Festival for Children, Open House Dublin and 36 other arts and cultu...
16/10/2025
GeForce NOW is more than just a platform to stream fresh games every week - it offers celebrations for the gamers who make it epic, with member rewards to sweet...
15/10/2025
Across the world, early-career reporters are interrogating systems that shape daily life, from mortuaries and classrooms to the corridors of legal education and...
15/10/2025
St. Louis Blues Pay Tribute to Ozzy Osbourne in New Pregame Open VideoThe NHL franchise worked with production firms 2WEI and 4th Floor CreativeBy Mark J Burns,...
15/10/2025
Cobalt Digital, G3DVu, Proxima Vision, and Telos Alliance Renew Premier Sponsors...
15/10/2025
By Paige Bethmann
Before my grandmother passed away in 2019, I went to visit her in the hospital where she'd been for a few weeks. When I arrived, the nurs...
15/10/2025
Two years ago, Spotify set out to grow the entire publishing industry by making ...
15/10/2025
People turn to DJ for a listening experience that feels personal, dynamic, and j...
15/10/2025
Las personas recurren a DJ para vivir una experiencia de escucha personal, din m...
15/10/2025
Rock legend Bruce Springsteen and luminary actor Jeremy Allen White came togethe...
15/10/2025
At Spotify, we're all about supporting rising talent and helping them connec...
15/10/2025
New SBS Documentary Series THE CANCER KILLERS Premieres 4 November on SBS & SBS ...
15/10/2025
SBS celebrates the Festivals of Lights with bold, illuminating stories across th...
15/10/2025
One of humanity's most profound questions continues: Is there any place in our galaxy suitable for life beyond Earth? NASA intends to find out, with the hel...
15/10/2025
eds3_5_jq(document).ready(function($) { $(#eds_sliderM519).chameleonSlider_2_1({ content_source:......
15/10/2025
Scality, a global leader in cyber-resilient storage software for the AI era, today announced the advancement of its comprehensive AI ecosystem certification pro...
15/10/2025
The Hollywood Professional Association (HPA) today unveiled key highlights of the 2026 HPA Tech Retreat, scheduled for Feb. 15 19 at the Westin Rancho Mirage Go...
15/10/2025
At NAB Show New York 2025 (Stand 244), Interra Systems will showcase the future of media QC, monitoring, and captioning, highlighting its award-winning, AI- and...
15/10/2025
Grass Valley today announced that RMC BFM, part of the CMA-CGM Group and France's third-largest private media group, has chosen Grass Valley's productio...
15/10/2025
Appear, the global leader in live production technology, will demonstrate how its powerful hardware and software innovations are shaping the future of hybrid, s...
15/10/2025
Rakim to Join Berklee's Hip-Hop Hall of Fame at Signature Series Concert The rap icon becomes the latest inductee, following luminaries such as Roxanne Sh...
15/10/2025
Berklee Brings Live Music to the Head of the Charles Student artists will perform on multiple riverfront stages during the 60th anniversary of the world's...
15/10/2025
CobbTV, the government access television channel for Cobb County, Ga. recently acquired an automated playout system from Pebble, a global provider of automation...
15/10/2025
OSLO, Norway Appear, the global leader in live production technology, will demonstrate how its powerful hardware and software innovations are shaping the future...
15/10/2025
NEW YORK The NBA is making major changes to the NBA App and NBA TV as it takes control of them from TNT Sports, which has long managed the league's digital ...
15/10/2025
SAN MATEO, Calif. In what promises to be a major expansion of interactive features and personalized content on the DirecTV platform, the operator and Glance hav...
15/10/2025
SAN JOSE, Calif. Roku has launched changes to its user interface (UI) that the streaming platform says will better showcase original programming on the platform...
15/10/2025
LOS ANGELES Software-defined data storage and data services provider OpenDrives has elevated Alex Dunfey to chief technology officer, responsible for driving th...
15/10/2025
Abu Dhabi, UAE October 15, 2025: Space42 (ADX: SPACE42), the UAE-based AI-powe...
15/10/2025
Sheldon Nichols and Will Trickett to find and prepare more classic cars for budget conscious would-be owners from Wiser Films
UKTV have recommissioned the clas...
15/10/2025
Wednesday 15 October 2025
Nick Cave
JPEG (275 KB)
Explore the creative univer...
15/10/2025
Wednesday 15 October 2025
From breaking up with your partner to quitting your job - new polling shows some messages are just too scary to send
Over a fifth (...
15/10/2025
Rohde & Schwarz unveils compact MXO 3 oscilloscopes with 4 and 8 channels: Advan...
15/10/2025
Back to All News
Revenge Series The Resurrected' Captivates Audiences Across Asia
Entertainment
15 October 2025
GlobalTaiwan
Link copied to clipboard
...
15/10/2025
Back to All News
Bringing the Best in VFX and Virtual Production Together as Eyeline
Jeffrey Shapiro
CEO, Eyeline
Business
15 October 2025
GlobalCanadaInd...
15/10/2025
Deployed by Astound Business Solutions, Harmonic's Primary Distribution Solution Ensures Outstanding Video Quality and Seamless Ad Insertion at the Edge
SA...
15/10/2025
Collaboration extends a trusted relationship as RMC BFM invests in scalable, fut...
15/10/2025
Series coming in 2026 stars Tom Vaughan-Lawlor, Justine Mitchell and Jason O'Mara released today
RT today released first look images of new comedy-drama ...
14/10/2025
SVG Europe Summit 2025: All Sessions Now Available to Watch on SVG PLAYNetworking event that preceded IBC2025 shone a light on elite live sports innovation acro...
14/10/2025
SVG Sit-Down: Author Rich Podolsky on Writing Madden & Summerall: How They Revo...
14/10/2025
SVG All-Stars: Michael Reiners, Coordinating Producer, FloRacingThe Illinois State grad steers a vast schedule of motorsports events at tracks across the countr...
Resilient first half performance with stable Normalised EBITDA and net income
