
Abu Dhabi, United Arab Emirates, 9 August 2022: Al Yah Satellite Communications Company PJSC ( Yahsat or the Group ) listed on the Abu Dhabi Securities Exchange ( ADX ) under (SYMBOL: YAHSAT) (ISIN: AEA007501017), the UAE's flagship satellite solutions provider, today announced its financial results for the six-month period ended 30 June 2022 ( 1H22 ).
1H22 Highlights
Revenue of AED 755 million [USD 206 million], up 8.1% year-on-year, underpinned by double-digit growth in Managed Solutions and Mobility Solutions
Adjusted EBITDA of AED 448 million [USD 122 million], up 5.3% year-on-year, delivering a robust margin of 59.3%
Net Income of AED 167 million [USD 45 million], up 50.7% year-on-year, driving a strong net margin of 22.1%
Contracted future revenue of more than AED 7.7 billion [USD 2.1 billion], equivalent to 5.2 times FY2021 annual revenue
Strong financial position and high visibility on future cash flows underpin ability to invest in growth and sustain attractive dividend policy
On track to grow FY2022 dividend by at least 2% to 16.12 fils [USD 4.39 cents] per share or AED 393 million [USD 107 million], split into two equal installments payable around October 2022 and May 2023
Lower end of FY2022 revenue guidance increased to AED 1,542 million [USD 420 million] from AED 1,524 million [USD 415 million]; all other guidance remain unchanged
Musabbeh Al Kaabi, Chairman of Yahsat, commented:
Against a backdrop of challenging global economic headwinds, we are delighted to record our highest ever first-half revenue whilst significantly growing Adjusted EBITDA and net income. This reflects the strength of our business underpinned by strong contracted future revenue and positive momentum across operating segments. In light of our strong year-to-date performance, the Board of Directors' confidence in future cash flow generation, ability to grow the business and financial strength of the Company, we are reiterating our commitment to deliver attractive shareholder returns.
Ali Al Hashemi, Group Chief Executive Officer of Yahsat, commented:
Yahsat has delivered exceptional results, recording its highest-ever first half revenue and demonstrating our performance-driven culture to deploy innovative capabilities and grow the business. Our contracted future revenue exceeds AED 7.7 billion, equivalent to 5.2 times FY2021 annual revenue. Looking ahead, we remain on track to bring into commercial service our Next Generation Satellite, Thuraya 4-NGS, in the second half of 2024 whilst two new satellites, Al Yah 4 and Al Yah 5, are under consideration for launch in 2026. We remain very confident in both our short-term and long-term outlook, and have accordingly increased the lower end of our revenue guidance for FY2022, whilst reiterating our commitment to pay a progressive dividend.
We remain committed to pursuing and launching new growth opportunities across the business and we are confident that Yahsat's robust balance sheet, business resilience and track record in delivering exceptional results will enable us to capture significant value to drive long-term growth.
Strong first-half results
Yahsat's growth momentum continued in 2Q22 with revenue of AED 392 million [USD 107 million], an increase of 6.9% year-on-year. This resulted in 1H22 revenue growth of 8.1% year-on-year to AED 755 million [USD 206 million]. Both Managed Solutions and Mobility Solutions performed exceptionally well with 1H22 revenues increasing by 35.1% and 24.1% respectively.
2Q22 Adjusted EBITDA of AED 235 million [USD 64 million] increased by 3.9% year-on-year, generating a healthy margin of 59.8%, while net income (profit attributable to the shareholders) of AED 93 million [USD 25 million] increased by 77.9% year-on-year. On a year-to-date basis, the Group recorded 1H22 Adjusted EBITDA growth of 5.3% and an increase in net income of 50.7%, resulting in a solid net income margin of 22.1%.
As at 30 June 2022, the Group's contracted future revenue remained strong at more than AED 7.7 billion [USD 2.1 billion], equivalent to around 5.2 times FY2021 annual revenue representing an increase of 4.1% since the start of the financial year, underpinned by the 5-year AED 909 million [USD 247 million] managed services mandate awarded by the UAE Government in February 2022.
Attractive dividend outlook
Yahsat reiterates its commitment to grow its dividend by at least 2% per year, reflecting the Board of Directors' confidence in the cash flow generation and overall financial strength of the business. For financial year 2022, the total expected dividend is a minimum of 16.12 fils per share [US Cents 4.39], split into two equal instalments payable around October 2022 and May 2023 respectively. This represents a total dividend payment of AED 393 million [USD 107 million]. The Company's dividend policy is well supported by its high cash conversion (93.1% in 1H22), robust balance sheet (0.9x Net Debt/EBITDA as at 30 June 2022) and a strong discretionary free cash flow1 (expected to be approximately two times FY2022 dividend payment).
Increasing minimum revenue guidance
In view of the strong 1H22 performance and considering that approximately 90% of the remaining projected revenue for FY2022 is already secured (based on the low end of its revenue guidance), Yahsat has decided to narrow the range of its FY2022 guidance provided on 1 March 2022. The Company now raises its projected 2022 revenues to 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 remain unchanged.
Senior management appointment
On 1 July 2022 (a post-period event), Yahsat announced the appointment of Mr. Sulaiman Al Ali as Chief Commercial Officer ( CCO ). Mr. Al Ali has assumed the role having been with Yahsat for eight years, previous
Most recent headlines
06/10/2025
France T l visions, France's leading broadcaster, has received the 2025 EBU ...
04/09/2025
Monumental Sports & Entertainment (MSE), in collaboration with Dalet, has been a...
04/07/2025
By Lucy Spicer
Editor's note: We are deeply saddened by the passing of Robe...
04/07/2025
The Summer Reading Challenge has inspired children across the U.K. to embrace a ...
04/07/2025
Introducing CVP Auctions: Trusted Tech, At Auction-Only Prices
Brie Clayton July 4, 2025
0 Comments
A New Destination for Film and Broadcast Gear at U...
04/07/2025
Unveiling China's Ecological Wonders with URSA Mini Pro 12K
Brie Clayton July 4, 2025
0 Comments
Nature Documentaries Freeze Epic Momentsin Extrem...
04/07/2025
Create Any Planet in After Effects
Graham Quince July 4, 2025
0 Comments
The Advanced 3D renderer in After Effects makes it really easy to import 3D o...
04/07/2025
Custom Gradient Colorize for Resolve Fusion
Simon Ubsdell July 4, 2025
0 Comments
Digging into the theory of the gradient colorize process to build ou...
04/07/2025
Watching live sports on TV these days is a delicate balance for broadcasters how much information is too much?...
04/07/2025
WASHINGTON As Federal Communications Commission Chair Brendan Carr works to achieve his goal of a very busy, productive summer at the FCC, the agency has rele...
04/07/2025
Other World Computing Launches OWC Guardian USB-C Hardware-Encrypted Portable SS...
04/07/2025
CANAL Brings MotoGP to Vision Pro with Blackmagic URSA Cine Immersive
Brie Clayton July 3, 2025
0 Comments
Experience MotoGP like never before as CA...
04/07/2025
Friday 4 July 2025
Watch the trailer here https://youtu.be/Od5WpvWmDr8
Further...
04/07/2025
The Pitch comes to RT Radio 1 airwaves this Sunday at 7pm. The Pitch is a brand...
03/07/2025
For our Vario-Jib, as well as for a repertoire of weights, we now have carts that make transport easier...
03/07/2025
One of our latest innovations: Slider Drive Unit!
Our Vario Slider not only comes with improvements and new features, but also with its own drive unit!
Our i...
03/07/2025
The 360 EVO lives up to its name: 360-degree rotation not only on the pan axis, but also on the roll axis, enables filmmakers to take their creative visions eve...
03/07/2025
What a buzzing few days at BSCExpo in London!
We were thrilled to connect with so many talented professionals from the world of cinematography.
A huge thank ...
03/07/2025
ADOLESCENCE - Shot with Panther Tower"The whole rig had to be detachable mid-episode
Netflix limited drama series Adolescence has been gaining attentio...
03/07/2025
To achieve a true level of decisive overmatch, communication systems must be as ...
03/07/2025
The Broadcasters Foundation of America has named Ray Hopkins, president of U.S. distribution at Paramount Global, to its board of directors....
03/07/2025
SIOUX FALLS, S.D. In his first major policy speech, Federal Communications Commission chair Brendan Carr outlined his Build America Agenda for the agency'...
03/07/2025
As the industry is making a major push to transition to NextGen TV and develop new businesses that will fund the next generation of broadcasting, TV Tech's ...
03/07/2025
Despite enabling its subscribers to watch films and TV shows in the highest possible resolution, Netflix has revealed it is taking things old school with the in...
03/07/2025
WASHINGTON In response to news that Paramount Global has agreed to pay $16 million to settle a lawsuit by President Donald Trump, Democrats and other administra...
03/07/2025
WUPPERTAL, Germany Riedel Communications today launched RefSuite for professional sports workflows....
03/07/2025
WEITERSTADT, Germany LYNX Technik, a provider of modular signal processing solutions, has announced that founder and longtime CEO Winfried Deckelmann is steppin...
03/07/2025
WASHINGTON Representatives from six trade groups representing tech, pay TV, broadband, LPTV and other sectors recently met with Federal Communications Commissio...
03/07/2025
PLYMOUTH, Wis. Dan Whealy has acquired Heartland Video Systems and will be its new owner and president, the systems integrator said....
03/07/2025
Acclaimed filmmaker, educator, and industry veteran Jay Holben has released his most ambitious work to date: The Director's Guide to Everything a sweeping...
03/07/2025
For Los Angeles-based photographer Scout Pruski, documenting the annual Dyke Day LA is a way to honor and give back to the city's legacy queer community and...
03/07/2025
Modular, Travel-Ready Solution Matthews Studio Equipment launches the new Chimera V-Flat Panel Frame Kit, the lightweight and modular, ultra-durable alternativ...
03/07/2025
Dalet, a leading technology and service provider for media-rich organizations, today announced the release of Dalet Flex 2025.6 LTS (long-term support), introdu...
03/07/2025
Lightware's LARA Wizard makes it quicker and easier than ever to set up audio-visual (AV) room automation and control configurations, ensuring anyone, from ...
03/07/2025
Alfalite, the only European manufacturer of LED screens, has obtained both the NCAGE Code (NATO Commercial and Government Entity) and TAA (Trade Agreements Act)...
03/07/2025
nxtedition is implementing a new solution for WIN Network, based in its headquarters in Wollongong, New South Wales, Australia. The nxtedition integrated platfo...
03/07/2025
ORS Group and Insys Video Technologies today announce the launch of a new joint brand identity: Big Blue Marble. The move reflects the evolution of a long-stand...
03/07/2025
Evergent, a global leader in customer lifecycle management and monetization solutions for subscription-based businesses, today announced the successful results ...
03/07/2025
LYNX Technik, provider of modular signal processing solutions today announces an executive leadership transition, effective July 1, 2025. Markus Motzko has been...
03/07/2025
Chaos Releases V-Ray for Blender
Brie Clayton July 2, 2025
0 Comments
Production-Proven Renderer V-Ray Arrives Natively in Blender for the First Time;...
03/07/2025
Calvin University Adds Blackmagic Replay to Broadcasts and Streams
Brie Clayton July 2, 2025
0 Comments
Replay workflow joins 14 Blackmagic Design cam...
03/07/2025
Berklee's Gospel Performance Program Welcomes Jonathan Nelson as the Herb Al...
03/07/2025
Back to All News
Get Ready for Even More Action! Netflix Has Confirmed the Thir...
03/07/2025
Back to All News
Get ready for even more action! Netflix has confirmed the thir...
03/07/2025
In today's fragmented media landscape, advertisers expect more than just reach - they want seamless cross-platform campaigns that deliver measurable results...
03/07/2025
** MEDIA ALERT ** Shonen Jump Store Hosting Los Angeles Pop-up During Anime Exp...
03/07/2025
Thursday 3 July 2025
David Harewood and Matthew Broome in Mozart: Genius for Hi...
03/07/2025
The Sky WNT Fund supports Womens National Team players with a 30,000 bursaryThursday 3 July 2025
Sky Ireland has announced the four recipients of the 2025 Sky...
03/07/2025
The forecast this month is showing a 100% chance of epic gaming. Catch the scorching lineup of 20 titles coming to the cloud, which gamers can play whether indo...
02/07/2025
Hege Wik and Odin appear in FOLKTALES by Heidi Ewing and Rachel Grady, an official selection of the 2025 Sundance Film Festival. Courtesy of Sundance Institut...