Normalised EBITDA grew 3% versus prior year to AED 460 million and Normalised Net Income 5% to AED 175 million delivering improved margins
Abu Dhabi, United Arab Emirates, 8 August 2023: 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 months ended 30 June 2023. Revenue for the first half of the year was stable at AED 753 million [USD 205 million] whilst EBITDA and net income increased, on a normalised basis, by 3% versus the prior year to AED 460 million [USD 125 million] and 5% to AED 175 million [USD 48 million], respectively.
The Group delivered revenue growth in Infrastructure, the Group's largest segment providing communications capacity to the UAE government, and Data Solutions, offering satellite-based broadband data solutions. Managed Solutions, providing complete value-added satellite communications solutions primarily to the UAE government and related entities, maintained revenues versus an exceptionally strong prior year. Mobility Solutions, the Thuraya business providing mobile satellite services using L-band spectrum, recorded strong double-digit growth in the second quarter of 12% versus the prior year, driven by higher equipment sales, a trend that is expected to continue into the third quarter and help achieve revenue growth for that segment by the end of the year.
Highlights for the period include:
Revenue of AED 753 million [USD 205 million], stable year-on-year.
Normalised EBITDA of AED 460 million [USD 125 million], up 3% year-on-year, delivering a superior margin of 61% (prior year 59%).
Normalised Net Income (profit) of AED 175 million [USD 48 million], up 5% year-on-year, generating an improved margin of 23% (prior year 22%).
Contracted future revenue of AED 7.0 billion [USD 1.9 billion], stable versus end of Q1 2023 and equivalent to 4.4 times last-twelve-month revenue.
Improved cash generation with Discretionary Free Cash Flow of AED 296 million (USD 82 million), up 34% versus prior year.
Historically strong balance sheet with negative Net Debt of more than AED 454 million [USD 125 million], total available liquidity of AED 2.3 billion [USD 686 million] and long-term visibility of future cash flows, supports Yahsat's future investment in organic growth (Al Yah 4 and Al Yah 5) and opportunistic acquisitions, without impacting its attractive progressive dividend policy.
Positive net finance income benefiting from higher interest rates on short-term deposits versus prior year.
On track to grow full year 2023 dividend by at least 2% to 16.46 fils [4.48 US cents] per share or AED 402 million [USD 109 million] based on the last closing share price, this implies an annualised dividend yield of over 6%, amongst the highest offered by UAE listed stocks.
Guidance for full year revenue, EBITDA, and Discretionary Free Cash Flow remains unchanged, whilst guidance for cash capex and investments is increased to a range of AED 643-716 million [USD 175-195 million] from AED 569-643 million [USD 155-175 million], to reflect the commencement of the Al Yah 4 and Al Yah 5 satellite procurement programme.
Ali Al Hashemi, Group Chief Executive Officer of Yahsat, commented: Yahsat continues to improve its business operations and profitability, and we remain focused on growing both our core government business and commercial segments, whilst controlling and optimising costs across the Group.
In addition to completing the Thuraya-4 NGS satellite procurement programme, which remains on track to be launched in the first half of 2024, we have signed an Authorization-to-Proceed (ATP) with Airbus, a long-time partner of Yahsat, to commence initial activities relating to the procurement of the Al Yah 4 and Al Yah 5 satellites. In parallel, we are in advanced negotiations with the UAE government to secure a long-term contract that would significantly increase and extend our backlog of contracted revenues beyond 2040.
We have also commenced work on establishing a formal partnership with Bayanat to offer Earth Observation (EO) capabilities using, in the first phase, synthetic aperture radar (SAR) technology, which provides higher resolution data than conventional sensors. This partnership aims to develop a constellation of five satellites, with the first satellite expected to be launched in the first half of 2024, which will further diversify our current portfolio of fixed and mobile satellite communication services from GEO orbits and expand it to include Earth observation services from LEO orbits.
The satellite industry continues to witness substantial investments and the development of new business models. Together, these forces are driving industry consolidation and the necessary emergence of larger and stronger players. Yahsat remains in a strong position to take advantage of these developments, underpinned by our unique backlog of future revenues and our historically strong and robust balance sheet.
The full set of first half 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
05/01/2027
Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...
01/06/2026
January 6 2026, 05:30 (PST) Dolby Sets the New Standard for Premium Entertainment at CES 2026
Throughout the week, Dolby brings to life the latest innovatio...
02/05/2026
Dalet, a leading technology and service provider for media-rich organizations, t...
01/05/2026
January 5 2026, 18:30 (PST) NBCUniversal's Peacock to Be First Streamer to ...
01/04/2026
January 4 2026, 18:00 (PST) DOLBY AND DOUYIN EMPOWER THE NEXT GENERATON OF CREATORS WITH DOLBY VISION
Douyin Users Can Now Create And Share Videos With Stun...
18/03/2026
COW Jobs: Seeking DP for Low Budget Dramedy - Chicago
Brie Clayton March 17, 2026
0 Comments
Seeking Director of Photography for Low Budget Dramedy Fe...
18/03/2026
COW Jobs: Seeking Gaffer for Low Budget Dramedy - Chicago
Brie Clayton March 17, 2026
0 Comments
Seeking Gaffer for Low Budget Dramedy Feature Film- I...
18/03/2026
COW Jobs: Seeking Location, Sound for Low Budget Dramedy - Chicago
Brie Clayton March 17, 2026
0 Comments
Seeking Location/Sound for Low Budget Dramed...
18/03/2026
COW Jobs: Seeking Child Wrangler for Low Budget Film - Chicago
Brie Clayton March 17, 2026
0 Comments
Seeking Child Wrangler for Low Budget Dramedy Fe...
18/03/2026
Calrec Redefines Broadcast Workflows at NAB 2026 with its Most Powerful Hardware...
18/03/2026
Oscar Nominated Two People Exchanging Saliva Posted with DaVinci Resolve Studio
Brie Clayton March 17, 2026
0 Comments
DaVinci Resolve Studio handle...
18/03/2026
Boston Conservatory Presents Celebrated Musical Satire Urinetown Performances for this Center Stage production will take place at Boston Conservatory Theater ...
18/03/2026
Charlie Puth Joins Switched On Pop at Berklee NYC The Berklee alum spoke with host and Berklee NYC professor Charlie Harding for a live taping, answering audi...
17/03/2026
NASA+'s Rebecca Sirmons and Brittany Brown offer unique look at live streami...
17/03/2026
The transition to IP has fundamentally reshaped professional media infrastructures. Video, audio, and increasingly metadata now circulate as independent, precis...
17/03/2026
Live sports streaming can push every element in your video delivery chain to its limit, exposing every potential weakness in seconds. When the Super Bowl, the O...
17/03/2026
Texas Athletics sought to modernize its media production, enhance fan experience...
17/03/2026
Ikegami USA will demonstrate the latest additions to its wide range of broadcast...
17/03/2026
TNA Wrestling and iHeartMedia announces a new multi-platform collaboration that will integrate iHeartMedia across TNA's premium live events, weekly televisi...
17/03/2026
The goal was to transform Hard Rock Stadium into a global leader in sports and e...
17/03/2026
Spectrum has announced the launch of its new Multiview feature in the Spectrum TV App, giving customers the ability to watch up to four NCAA men's or women&...
17/03/2026
Genius Sports deal also covers data technology, AI, fan engagement, and performance analysis....
17/03/2026
Net Insight is supporting the rollout of a new state-wide centralized operation with Rede Massa, which is an SBT affiliate, the Brazilian regional television ne...
17/03/2026
Featuring audio from practice sessions, qualifying races, and Grand Prix races, the film represents Apple's sports-media ambitions
At Sunday night's Ac...
17/03/2026
Live broadcast has always been one of the most demanding environments in media a...
17/03/2026
DirecTV is introducing several new viewing features, including a multi-screen March Madness Mix channel and an updated Sports Central mobile app hub, ahead of...
17/03/2026
Deltatre has announced a multi-year partnership with ATP Media, the media arm of the ATP Tour, covering broadcast graphics, data, and production across the 2026...
17/03/2026
The Detroit Pistons have announced a third consecutive season partnering with Sc...
17/03/2026
Fresh Finds Africa spotlights emerging artists and movements across the continent and its global diaspora, with listeners tuning in to discover new Afro-forward...
17/03/2026
Last month, more than 60,000 fans piled into Bangkok's Rajamangala National ...
17/03/2026
Vintage-inspired channel strip joins line-up
Black Rooster Audio's latest plug-in provides an all-in-one mixing tool inspired by classic analogue consol...
17/03/2026
Level and EQ voice, reverb and noise independently
The latest plug-in to join Accentize's collection is said to take a new approach to dialogue processi...
17/03/2026
UHF radio mic & IEM bandwidth at risk
Once again, the UHF bandwidth that is currently allocated to RF audio gear is at risk of being reassigned to high-spee...
17/03/2026
Last Friday, the first Plant Fire Department Training Week in Bavaria successf...
17/03/2026
New campaign from NAATI and SBS CulturalConnnect highlights how we all deserve ...
17/03/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
17/03/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
17/03/2026
3D streaming infrastructure provider Miris today announced the launch of a public beta for its new 3D asset streaming platform. Miris is building the infrastruc...
17/03/2026
As media organizations face mounting pressure to produce more content, faster, while maximizing value and operational efficiency, Tedial, a leading provider of ...
17/03/2026
Brainstorm, a leading manufacturer of real-time graphics, augmented and virtual production, is launching the newest version of its platform, Brainstorm Suite 7,...
17/03/2026
Limecraft today announces the release of Limecraft 2026.2, the second platform update in its 2026 release cycle. Limecraft is an AI-powered production platform ...
17/03/2026
Broadcast Solutions, a leading system integrator and provider of innovative solutions for the broadcast and media industry, showcased its latest broadcast and V...
17/03/2026
THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE 7(1) OF THE ...
17/03/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
17/03/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
17/03/2026
QuickLink's Latest StudioEdge Models to Make North American Debut at NAB 202
Brie Clayton March 16, 2026
0 Comments
The Multi-platform Remote Gues...
17/03/2026
Frankenstein Graded with DaVinci Resolve Studio
Brie Clayton March 16, 2026
0 Comments
Sonnenfeld enhances the controlled interplay between warm and c...
17/03/2026
New Voyavox from Link Electronics with Real-Time Speech-to-Text Captioning to be...
17/03/2026
Berklee City Music Stewards META Fellowship Supporting Massachusetts Music Educa...
Normalised EBITDA grew 3% versus prior year to AED 460 million and Normalised Net Income 5% to AED 175 million delivering improved margins
