Sony Pixel Power calrec Sony

Yahsat reports robust first half results for 2024

30/07/2024

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
LINK: https://www.yahsat.com:443/en/news-and-media/news/2024/yahsat-reports-...
See more stories from yahsat

Most recent headlines

05/01/2027

Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be demoed at CES 2026

Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...

09/10/2026

Dolby Expands Dolby OptiView Platform with New Capabilities at IBC 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 Flex LTS Delivers Smarter Media Operations from Ingest to Distribution

Dalet, a leading technology and service provider for media-rich organizations, today announced the latest Long-Term Supported (LTS) release of Dalet Flex. Build...

22/09/2026

Apogee Plugins Are Moving to Plugin Alliance

Apogee Plugins Are Moving to Plugin Alliance We're excited to share an important update about the future of Apogee plugins. Apogee plugins are moving to Pl...

22/09/2026

SipRadius honored with a Technology And Engineering Emmy...

Parkland, Florida, US, September 22, 2026: SipRadius, widely recognized for making content processing and connectivity secure and seamless, has been honored wit...

22/09/2026

VanityFilter 3.1.5 adds project files and adjustable protection around lips, brows and ears

VanityFilter 3.1.5 adds project files and adjustable protection around lips, bro...

22/09/2026

Chile's TV+ Modernizes Broadcast Operations with Blackmagic Design

Chile's TV Modernizes Broadcast Operations with Blackmagic Design Brie Clayton September 22, 2026 0 Comments URSA Broadcast G2 brings versatility...

22/09/2026

OWC Shares Sneak Peek at Amazon Prime Big Deal Days Pricing

OWC Shares Sneak Peek at Amazon Prime Big Deal Days Pricing Brie Clayton September 22, 2026 0 Comments Image courtesy of Deposit Photos Business and ...

22/09/2026

Berklee's First Homecoming Block Party Brings Alumni Home for Global Music Festival

Berklee's First Homecoming Block Party Brings Alumni Home for Global Music F...

22/09/2026

New TVU Pocket Offers Broadcast Features In Phone-Sized Unit

Share Copy link Facebook X Linkedin Bluesky Email...

22/09/2026

Operative Launches Unified Platform for Advertising and Broadcast Management

Share Copy link Facebook X Linkedin Bluesky Email...

22/09/2026

Element Launches New TiVo-Powered Smart TVs in the U.S.

Share Copy link Facebook X Linkedin Bluesky Email...

22/09/2026

NOAA Taps Tomorrow.io for Improved U.S. Weather Forecasts

Share Copy link Facebook X Linkedin Bluesky Email...

22/09/2026

Gray Media Promotes Tim Maloney to GM and Director of Sales at WBKO

Share Copy link Facebook X Linkedin Bluesky Email...

22/09/2026

Reports: Paramount Reaches Settlement with State AGs in Antitrust Suit

Share Copy link Facebook X Linkedin Bluesky Email...

22/09/2026

New Research Lays Out Streaming Services Best Defense Against Churn

Share Copy link Facebook X Linkedin Bluesky Email...

22/09/2026

Sinclair Expands The National News Desk

Share Copy link Facebook X Linkedin Bluesky Email...

22/09/2026

Paramount Settles Antitrust Lawsuit over WBD Merger

Share Copy link Facebook X Linkedin Bluesky Email...

22/09/2026

U.S. Broadband Industry Investment Hits $92.6 Billion

Share Copy link Facebook X Linkedin Bluesky Email...

22/09/2026

Comscore's latest AI Intelligence Report Shows Competition Intensifying as Claude and Gemini Gain Ground on ChatGPT

Comscore's latest AI Intelligence Report Shows Competition Intensifying as C...

22/09/2026

The Factory-X Project Sets Standards for Data Sovereignty in Industry

The Factory-X Project Sets Standards for Data Sovereignty in Industry Arvato Systems Brings Digital Sovereignty to Industrial Practice Factory-X Successfully...

22/09/2026

Apple opens Apple Music Hall, a\u00A0state-of-the-art live music venue in London - PRESS RELEASE - Posted on 21 September 2026

LONDON Apple today announced the opening of Apple Music Hall, a brand-new state-...

22/09/2026

Young creativity across the island of Ireland takes centre stage as sixth RT This is Art! competition launches

RT , Creative Ireland and Shared Island Initiative ask young artists to respon...

22/09/2026

NVIDIA Isaac ROS 5.0 Advances Agentic, Open Source Robotics Development

To build and deploy sophisticated robotics applications that can perceive, reason and act in dynamic environments, developers need new physical AI models and to...

21/09/2026

Manifold Taps Ryhaan Williams for North America COO Post

Manifold Technologies, developer of software-defined, FPGA-accelerated infrastructure for live production, has named Ryhaan Williams as Chief Commercial Officer...

21/09/2026

SNS Wins IAMT Best Journal Article Award

Studio Network Solutions (SNS) has won Best Journal Article at the 2026 IAMT Impact Awards for What Video Editors Need When Everything Is Changing Around Them,...

21/09/2026

MLW Announces Streaming Deal with Tubi for Weekly FUSION Series

Major League Wrestling (MLW) has announced a streaming distribution agreement with Tubi for its weekly series MLW FUSION. Beginning September 17, new episodes w...

21/09/2026

Adam Smith Named Chairman of Direct-to-Consumer at Disney Entertainment

Disney Entertainment has announced that Adam Smith has been named Chairman, Direct-to-Consumer, with responsibility for Disney and Hulu including product, engi...

21/09/2026

United Airlines and DISH to Offer Live Football on Starlink-Enabled Seatback Screens

United Airlines and DISH have announced an agreement to bring live professional ...

21/09/2026

SES to Provide Satellite Distribution for JioStar Channels Across India

SES and JioStar have announced a multi-year agreement under which SES will provide satellite distribution services for JioStar's television channel portfoli...

21/09/2026

Detroit Red Wings Announce Detroit SportsNet Broadcast Details for 2026-27 Season

The Detroit Red Wings have announced details for their inaugural season on Detro...

21/09/2026

Manifold Technologies Appoints Ryhaan Williams as CCO for North America

Manifold Technologies has appointed Ryhaan Williams as Chief Commercial Officer for North America, effective October 1, 2026. Based in Jacksonville, Florida, Wi...

21/09/2026

DAZN Pick Up L.A. Kings DTC Streaming Rights; ABTV Will Continue as Local TV Home

Angels Broadcast Television (ABTV), the local television home of the Los Angeles...

21/09/2026

Inside ESPNs US Open Effort: Embracing the Cloud and a New 20,000 Sq. Ft. Broadcast Center

The 2026 US Open Tennis Championships marked a year of change with respect to TV...

21/09/2026

Behind The Mic: Andrs Cantor Joins Netflixs FIFA Womens World Cup Commentary Team; Doc Rivers Joins NBC Sports NBA Coverage

Behind The Mic provides a roundup of recent news regarding on-air talent, includ...

21/09/2026

iDrumTune from RT60

Drum-tuning app now available on Android RT60 describe their iDrumTune app as the world's most advanced, accurate and intelligent system for assisting ...

21/09/2026

SoundGhost release Orbit

Innovative multiband auto-panner introduced SoundGhost's latest plug-in takes an innovative approach to auto-panning, and divides incoming signals into ...

21/09/2026

Apple Mac Studio With M5 Max: First Impressions

We check out the M5 Max-equipped model The same, but different. The new Mac Studio models feature M5 Max and M5 Ultra silicon, dramatically improving the perf...

21/09/2026

From Graphic Novel to 30-Minute Animated Film: What I Learned Building an AI-Assisted Production Pipeline

From Graphic Novel to 30-Minute Animated Film: What I Learned Building an AI-Ass...

21/09/2026

Liam Hopkins Builds Recording Studio with Blackmagic Design

Liam Hopkins Builds Recording Studio with Blackmagic Design Brie Clayton September 20, 2026 0 Comments Video complements audio production with music v...

21/09/2026

Indigenous screen organisations from Canada, Aotearoa New Zealand and Australia launch new international co-production initiative

Indigenous screen organisations from Canada, Aotearoa New Zealand and Australia ...

21/09/2026

It's back to studio time! The TODAY show returns for its 15th season weekday afternoons on RT

Ireland's most successful and longest-running afternoon show, the TODAY Show...

21/09/2026

Why Deploying Physical AI at Scale Demands Safety at Every Layer

Physical AI is moving rapidly from research to large-scale deployment. By 2035, ABI Research projects an installed base of 49 million level 3-5 autonomous vehic...

21/09/2026

From Enablement to Execution, Egypt's AI Ecosystem Reaches Production Scale

Today, Egypt's AI builders gathered in the Grand Egyptian Museum for a reception that highlighted the nation's rapidly growing AI ecosystem - spanning A...

21/09/2026

NVIDIA Launches DSX Ready to Qualify Power and Cooling Products for AI Factories

Every AI factory needs power and cooling that fit its computing architecture. As AI infrastructure expands, power, cooling, water, site and grid constraints are...

21/09/2026

RT celebrates Irish Sign Language Awareness Week 2026

RT celebrates Irish Sign Language Awareness Week 2026 Special programmes across RT television, radio and online, plus special initiatives #ISL #IDSL #IWDP26...

21/09/2026

AI Security Is an Engineering Problem - How to Solve It at Every Layer of the Agent Stack

AI security is an engineering problem. That means defined security requirements,...

21/09/2026

5 Companies Using NVIDIA AI for Clean Energy

Clean energy isn't hard to come by, but the pace of large-scale adoption has historically been slow due to bottlenecks - including out-of-date infrastructur...

20/09/2026

Casio Sessions returns for 2026

Piano-playing singer-songwriter competition returns for fourth year Casio have officially revealed the list of 16 finalists who have earned their place in t...

20/09/2026

COW Jobs: Video Editor, Motion Designer - Remote, PT, 6 Months

COW Jobs: Video Editor, Motion Designer - Remote, PT, 6 Months Brie Clayton September 20, 2026 0 Comments Video Editor + Motion Designer (Remote | PT ...