Yahsat is on track to deliver an increased total dividend of at least AED 393.3 million [USD 107.1 million] for 2022.
Final day for purchasing shares to fulfil eligibility for interim dividend payment is 28 September 2022, with payment to shareholders expected by 14 October 2022.
Progressive dividend policy is supported by healthy free cash flow and strong visibility on future earnings, with management and the Board confident in outlook for the business.
Abu Dhabi, United Arab Emirates, 21 September 2022: 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), has announced that it will pay an interim cash dividend of AED 196.6 million [USD 53.5 million] for the first half of 2022. The interim dividend will be paid by 14 October 2022 to all shareholders of record as at 30 September 2022 and is equivalent to 8.06 fils [USD 2.19 cents] per share.
On an annualized basis, the Group is on track to deliver a total dividend of at least AED 393.3 million [USD 107.1 million] for the full 2022 financial year, an increase of 2% over the prior year and reinforcing its commitment to delivering attractive shareholder returns. This would imply a 5.8% annual dividend yield for 2022 (based on a closing share price of AED 2.78 on 20 September 2022). As per the Group's approved policy, the second and final dividend for 2022 is expected to be paid in April 2023, subject to the Board of Directors' recommendation and shareholders' approval at the next annual general assembly.
Musabbeh Al Kaabi, Chairman of Yahsat, commented: Since our listing on ADX in 2021, we have demonstrated sustained growth and resilience in the face of challenging macroeconomic conditions. Our strong year-to-date performance was evident in our first-half results, when we recorded our highest-ever revenue for the period with significant growth in Adjusted EBITDA and Net Income. With good visibility on future earnings, and contracted future revenue exceeding AED 7.7 billion, equivalent to 5.2 times our 2021 annual revenue, we are in a solid position to continue to reward shareholders. This interim dividend reaffirms our commitment to grow the dividend by at least 2% per year, and we are on track to pay a total dividend of at least AED 393.3 million for the full year.
Ali Al Hashemi, Group Chief Executive Officer of Yahsat, said: We are committed to pursuing new growth opportunities and we are confident that our robust balance sheet, agile and resilient business model, and proven track record, will continue to enable us to capture long-term value. Our dividend policy is well-supported by strong discretionary free cash flow, which we expect to be approximately twice our full-year dividend payment for this year. The strength of our business today, coupled with our confidence in future revenues and profitability, provide a solid foundation for creating shareholder value through a combination of attractive dividends and growth.
In August 2022, with approximately 90% of projected annual revenue for 2022 already secured, Yahsat announced the narrowing of the range of its FY2022 revenue guidance. The Group expects annual revenues of at least AED 1,542 million [USD 420 million] with the upper end of the range unchanged at AED 1,616 million [USD 440 million]. All other guidance remains unchanged.
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Yahsat is on track to deliver an increased total dividend of at least AED 393.3 million [USD 107.1 million] for 2022.
