Highest ever Q1 revenue with Normalised EBITDA growth of 7%
Profitability, cash flow and capital expenditure guidance reiterated
Abu Dhabi, United Arab Emirates, 14 May 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 three months ended 31 March 2024.
Revenue grew 1% for the period versus the prior year to a record AED 371 million [USD 101 million]. EBITDA grew 58% to AED 352 million [USD 96 million] and net income almost doubled to AED 194 million [USD 53 million]. On a normalised basis, adjusting for material, one-off items to allow like-for-like comparison, EBITDA grew 7% to reach AED 247 million [USD 67 million] and net income fell 8% to AED 99 million [USD 27 million], reflecting the introduction of UAE corporate tax this year.
Underpinning this strong performance was 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 19% as well as higher margins, 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. Data Solutions, the smallest segment, offering satellite-based broadband data solutions, saw revenues fall on lower subscriber numbers.
Highlights for the period include:
Revenue of AED 371 million [USD 101 million], up 1% year-on-year with growth across the Infrastructure and Managed Solutions segments.
Normalised EBITDA of AED 247 million [USD 67 million], up 7% year-on-year, with a double-digit reduction in the normalised cost base resulting in an expanded margin of 67% (prior year 63%).
Normalised Net Income (profit) of AED 99 million [USD 27 million], down 8% versus the prior year period, due to the introduction of UAE corporate tax (9% rate); margins remained strong at 27% (prior year 29%).
Contracted future revenue of AED 24.7 billion [USD 6.7 billion], equivalent to approximately 15 times last-twelve-month revenue and only 1% lower versus year end 2023.
Strong cash generation with Discretionary Free Cash Flow ( DFCF ) of AED 252 million [USD 69 million], more than double the prior year figure driven by improved collection of receivables.
Historically strong balance sheet with an improved cash position of AED 2.3 billion [USD 615 million], negative Net Debt of AED 596 million [USD 162 million], AED 3.7 billion [USD 1 billion] expected in new advance payments, access to a USD 300 million undrawn bridge facility and long-term visibility of future cash flows up to 2043. The Group continues to be well positioned to fund growth capital expenditures, opportunistic acquisitions and dividends.
Guidance for EBITDA, cash flow and CapEx is reiterated but has been revised lower for full year revenues. Following an anomaly experienced on the Thuraya 3 satellite in April 2024, as recently disclosed, revenue guidance has now been revised down to AED 1.5-1.6 billion [USD 415-435 million] from AED 1.6-1.7 billion [USD 440-460 million].
Ali Al Hashemi, Group Chief Executive Officer of Yahsat, commented: Yahsat has achieved another set of strong quarterly results, demonstrating further progress in growing our core business of serving the UAE Government's requirements for satcom solutions.
We also 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 the related procurement contract with the satellite manufacturer for two new satellites, Al Yah 4 and Al Yah 5. Further, we are working on completing the procurement of Thuraya 4, to be launched into space in the second half of this year, which will renew and continue Thuraya's success story for many more years to come.
Lastly, following the recent shareholder approval of the merger with Bayanat, we are now working toward completing the merger in the second half of the year and finalising plans for the successful integration of the two companies. This merger will usher in an exciting new chapter, positioning 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, including a more detailed Management Discussion & Analysis report that clearly defines capitalised terms used in this press release, can be found within the Investor Relations section on Yahsat's website.
Most recent headlines
11/12/2025
Dalet, a leading provider of cloud-native, end-to-end media workflow solutions, ...
01/12/2025
L3Harris and PentenAmio formalise their teaming agreement at MilCIS 2025, streng...
01/12/2025
Artemis II is NASA's first crewed flight test of the Space Launch System rocket and Orion spacecraft. The crew, from left: Commander Reid Wiseman, Pilot Vic...
01/12/2025
IRVINE, Calif. Wooden Camera has introduced its new Accessory Collection for the Canon EOS C50. The new lineup includes a low-profile, gimbal-ready cage, expand...
01/12/2025
WASHINGTON The Federal Communications Commission has released a tentative agenda for its Dec. 18 Open Commission Meeting that will include a vote on a report an...
01/12/2025
In most years, a graph of annual local TV ad spending is about as predictable as an electrocardiogram of a reasonably healthy patient in a doctor's office. ...
01/12/2025
Many industries have seen big-ticket hardware turn into software. Switchers, though, demand a combination of real-time performance and sheer bandwidth that has ...
01/12/2025
GENEVA Shanghai will host the next quadrennial Radiocommunication Assembly (RA-27) and World Radiocommunication Conference (WRC-27), Oct. 11-Nov. 12, 2027. This...
01/12/2025
NEW YORK Just in time for Giving Tuesday tomorrow (Dec. 2), the Broadcasters Foundation of America is seeking out donations to help television and radio industr...
01/12/2025
STOCKHOLM, Sweden Net Insight CEO Crister Fritzson has informed the company's board that he will retire from the video transport and media cloud technology ...
01/12/2025
01 Dec 2025
Kyivstar and Ukrainian Ministry of Digital Transformation Select Go...
01/12/2025
The prequel to the global hit Sky Original mob crime saga, Gomorrah' is a s...
01/12/2025
Featuring Florence Welch, Red Hot Chilli Peppers' Flea, designer Bella Freud...
01/12/2025
Back to All News
A Down to Earth, All Too Relatable Hero: Cashero' Teaser ...
01/12/2025
In the rush to deliver content to every screen, many broadcasters overlook one of the most crucial steps in the workflow: format and frame rate conversion. Get ...
01/12/2025
Fox Corporation Chief Financial Officer Steve Tomsic to Participate in Upcoming ...
01/12/2025
Arvato Systems' Virtual Private Cloud (VPC) Receives BSI C5 Certification (T...
01/12/2025
Summary This short video gives you an summary of the changes in under two minutes.
--...
01/12/2025
As the festive season approaches, RT Supporting the Arts is proud to showcase a...
01/12/2025
Researchers worldwide rely on open-source technologies as the foundation of their work. To equip the community with the latest advancements in digital and physi...
01/12/2025
Festive specials of Christmas in Kilmainham presented by Marty Whelan, High Road Low Road, Callan Kicks the Year and Keys to My Life
Ring in the New Year with ...
01/12/2025
Architect and television presenter Hugh Wallace, best known to RT audiences as a long-serving judge on Home of the Year, has died at the age of 68.
In a state...
28/11/2025
Nadia Fall attends the 2025 Sundance Film Festival premiere of Brides at the Egyptian Theatre on January 24, 2025, in Park City, Utah. (Photo by Donyale West/...
28/11/2025
It's easy to ignore those little red update available badges. But when it ...
28/11/2025
WASHINGTON Federal Communications Commission has released a tentative agenda for the December Open Commission Meeting scheduled for Thursday, December 18, 2025 ...
28/11/2025
The Professional Fighters League is looking to super-serve fans of mixed martial...
28/11/2025
Fubo has released in beta on select Roku devices a new feature that lets users display up to four simultaneous streams at once....
28/11/2025
The WNBA playoffs and Week 4 of the NFL regular season highlight the list of live sports events airing on television this weekend....
28/11/2025
The 32nd class of honorees to the B+C Hall of Fame took to the stage at New York's Ziegfeld Ballroom on September 26 for a gala induction event. Click below...
28/11/2025
We hold in our hands the very last Next Text for Next TV, the weekly back-and-fo...
28/11/2025
DirecTV said it made a deal with EchoStar to buy EchoStar's video businesses, including satellite-TV provider Dish TV and virtual MVPD Sling TV, for $1 plus...
28/11/2025
The Broadcasting+Cable Hall of Fame, the premier industry event paying tribute to the influencers, innovators and shining lights of broadcast, cable and streami...
28/11/2025
Friday 28 November 2025
Sky Sports x Slawn drop limited-edition football jersey...
28/11/2025
Rohde & Schwarz shows resilience in a challenging environment, revenue exceeds t...
28/11/2025
Unwrapped: The Toy Show Appeal - airing this Sunday on RT One and RT Player- s...
27/11/2025
LONDON Vizrt has added several AI-driven advanced features offering improved speed, intelligence and accuracy in the newest version of its media asset managemen...
27/11/2025
Prime Video has launched AI-powered video season recaps in a beta version for select English-language Prime Original series in the U.S., a move Amazon is callin...
27/11/2025
Back to All News
Netflix's Raat Akeli Hai: The Bansal Murders Marks a Grand...
27/11/2025
27 Nov 2025
GSMA brings M360 Eurasia 2026 to Samarkand in partnership with VEON...
27/11/2025
Tahar Rahim and Izuka Hoyle star in the gripping six-part Sky Original from Acad...
27/11/2025
Thursday 27 November 2025
Sky Arts Reveals the Nation's Greatest Basslines - and Queen Reign Supreme
The UK's most iconic basslines have been revealed...
27/11/2025
Back to All News
Stranger Things 5': Prepare for One Last Adventure With O...
27/11/2025
The media industry has a paradox at its core. It's an industry built on light, color and imagination, yet behind the scenes, it's powered by one of the ...
27/11/2025
Rating reflects rating progress across areas including policies, diversity & inclusion, health & safety and Net Zero leadership
Winchester, UK, 27 November 202...
27/11/2025
What are the industry standards for Retail Media? Kathryn explains that certification is based on the IAB Europe Retail Media Measurement Standards and the IAB ...
27/11/2025
World champion boxer and Irish sporting icon Katie Taylor will be in studio this...
27/11/2025
Roblox, one of the world's most popular online gaming platforms for primary ...
27/11/2025
Black Friday is leveling up. Get ready to score one of the biggest deals of the season - 50% off the first three months of a new GeForce NOW Ultimate membership...
26/11/2025
SVG Sit-Down: Prime Video EP Mike Muriano Previews Massive Black Friday Slate Fe...
Highest ever Q1 revenue with Normalised EBITDA growth of 7%
