Sony Pixel Power calrec Sony

Yahsat announces 28% increase in Normalised Net Income in H1 2021 as contract backlog so...

12/08/2021

Robust financial performance, with AED 698 million [USD 190 million] in revenues in H1 2021 reflecting 10.9% quarterly growth

28% year-on-year increase in Normalised Net Income, from AED 106.6 million [USD 29 million] in H1 2020 to AED 136.3 million [USD 37.1 million] in H1 2021

Margin up from 60.4% in H1 2020 to 60.9% in H1 2021

Signing of a AED 2.5 billion [USD 700 million] 15-year T4-Next Generation Satellite Capacity Services Agreement, increasing the secured contract backlog to over AED 7.7 billion [USD 2.1 billion] at 30 June 2021, approximately 5x FY 2020 revenues

AED 2.5 billion [USD 700.5 million] financing raised at highly competitive rates to optimize the Group's capital structure, resulting in a healthy leverage ratio of 0.4x Net debt to Adjusted EBITDA at 30 June 2021

Abu Dhabi, United Arab Emirates, 11 August 2021: Al Yah Satellite Communications Company PJSC ( Yahsat or the Group ) listed on the Abu Dhabi Securities Exchange ( ADX ) under (SYMBOL: YAHSAT) (ISIN: AEA007501017), one of the world's largest providers of multi-mission satellite communications solutions, today announced its financial results for the period ended 30 June 2021 ( H1 2021 or First Half of 2021 ).

In its first announcement after the successful completion of its initial public offering (the IPO) on 14 July 2021, Yahsat reported robust financial performance for the first half of 2021, showing strong results across all operating segments.

In June 2021, Yahsat entered into a 15-year T4-Next Generation Satellite Capacity Services Agreement with a government customer in the UAE, adding more than AED 2.5 billion [USD 700 million] to its committed contract backlog increasing it to over AED 7.7 billion [USD 2.1 billion]. The agreement strengthens Yahsat's highly attractive financial profile, securing future cash flows and underpinning the Group's stated progressive dividend policy. Moreover, Yahsat maintained a high cash conversion ratio at over 95% for the period ended 30 June 2021, driven by CAPEX efficiency and a well-capitalised balance sheet.

The Group recorded improvements across its business lines, in the UAE and internationally, resulting in a quarter-on-quarter revenue growth of 10.9% to AED 367.1 million [USD 100 million] in Q2 2021. This contributed to H1 2021 revenues of AED 698.4 [USD 190.2 million], which were down slightly by 3.9% compared to H1 2020 due to heightened COVID-19 challenges in global markets during the first quarter of 2021.

Net income (profit attributable to the shareholders) for the first half of 2021 was in line with prior year . On a normalised basis, after adjusting for one-off non-recurring items, the Group recorded Normalised Net Income of AED 136.3 million [USD 37.1 million] compared to AED 106.6 million [USD 29 million] for the same period last year, representing an increase of AED 29.7 million [USD 8.1 million] or 28%. Moreover, and in comparison to the previous quarter of this year, the Q2 2021 Normalised Net Income increased by AED 19.5 million [USD 5.3 million] or 33%.

Although Adjusted EBITDA for the first half of 2021 of AED 425.6 million [USD 115.9 million] was AED 18.9 million [USD 5.1 million] or 4.2% lower than the prior year, the Normalised Adjusted EBITDA Margin improved from 60.4% in H1 2020 to 60.9% in H1 2021. Operating Free Cash Flow for the first half of the year was AED 408 million [USD 111 million].

Ali Al Hashemi, Yahsat Chief Executive Officer said: The solid start we had at the beginning of 2021 has gained further momentum, as demonstrated by our second quarter results. Our strong performance is a resounding testament to the resilience of our businesses, reaching 80% of the global population across five continents with critical connectivity solutions. In parallel, we have balanced service quality and effectiveness with operational excellence and stringent financial management.

As a leading Abu Dhabi based satellite-communication pioneer, we continue to leverage our competitive fixed and mobile satellite connectivity solutions to accelerate our growth plans globally, expanding our national and international operations and partnerships to reach all corners of the world. Moreover, we are reinforcing these plans by pursuing multiple significant opportunities to create further value for our shareholders. Al Hashemi added.

Revenue

Revenue for H1 2021 at AED 698.4 million [USD 190.2 million] is marginally lower (3.9%) compared to the prior year, but on a quarterly basis, revenues grew strongly in Q2 2021 across the business, illustrating the Group's resilience and growth potential despite challenging COVID-19 business conditions. Q2 2021 revenues increased by AED 35.8 million [USD 9.8 million] compared to Q1 2021, with the majority of the year-on-year revenue variance relating to Q1 2021 performance.

Revenues from the largest segment, Infrastructure, remained solid on a quarterly basis, with an increase of AED 4.8 million [USD 1.3 million] year-on-year to AED 440.3 million [USD 119.9 million].

Managed Solutions has started to recover in Q2 2021, recording a AED 18.0 million [USD 4.9 million] revenue increase compared to Q1 2021. H1 2021 revenues of AED 106.9 million [USD 29.1 million] were AED 12.5 million [USD 3.4 million] below H1 2020 largely reflecting temporary COVID-19 related delays to certain projects.

Despite the challenging trading conditions in its primary markets, the Data Solutions business remains underpinned by strong fundamentals. During H1 2021, YahClick grew its subscriber base by 8%, with further subscriber and business growth expected in the near term after securing three significant new enterprise and telecom customers in Africa during the first half of the year, and continuing with strong momentum as further expansion in Africa is planned for in H2 of this year.

Mobility Solutions has al
LINK: https://www.yahsat.com:443/en/news-and-media/news/2021/yahsat-announce...
See more stories from yahsat

More from Yahsat

11/05/2022

Yahsat Reports 1Q22 Revenue Growth of 9.4% and a 26.4% Increase in Profit

1Q22 revenue of AED 362.5 million [USD 98.7 million], up 9.4% year-on-year 1Q22 Adjusted EBITDA of AED 213.4 million [USD 58.1 million], up 6.8% year-on-year ...

29/04/2022

Yahsat Awarded Contracts Totaling AED 28.3 Million in Value to Design and Deliver Advanced...

Yahsat has been appointed to enable UAE Government platforms with a satellite co...

12/04/2022

Yahsat Announces Results of Annual General Meeting and Total Dividend of AED 385.5 million...

All resolutions approved at AGM including amendment to dividend policy allowing ...

08/03/2022

Al Seer Marine and Yahsat Join Forces to Offer Interoperable Next Generation Satellite Co...

MoU signed to collaborate on line-fitting unmanned vessels and pre-qualifying Ya...

07/03/2022

Yahsat and EDGE Join Forces to Equip NIMR Vehicles with Interoperable Satellite Connectivi...

Yahsat and Edge have agreed to line-fit pre-qualified Comms-On-The-Move (COTM) s...

01/03/2022

Yahsat Reports Strong FY2021 Results Supported by Exceptional 4Q21 Performance

FY2021 revenue of AED 1.49 billion [USD 407.6 million], increased year-on-year driven by exceptional 4Q21 performance in which revenues grew 7.9% vs. prior year...

14/02/2022

Yahsat Awarded AED 909.5 Million Managed Services Mandate by the UAE Government

Yahsat will provide managed services for ground satellite communications services and solutions for the next 5 years Agreement represents an important mileston...

03/02/2022

Yahsat Awarded AED 24 Million Contract by Abu Dhabi Ship Building to Deliver Advanced Sate...

Yahsat will deliver advanced and secure satellite communication solutions Yahs...

20/12/2021

Yahsat Collaborates with Emirates Schools Establishment to Connect UAE Students with High-...

Abu Dhabi, 20 December 2021: The collaboration between Emirates Schools Establis...

26/11/2021

Yahsat Announces Global Agreement with Ericsson to Boost Telecommunications Technologies, ...

Yahsat will provide advanced telecommunication services and solutions to integra...

23/11/2021

Yahsat's Mobility Arm estimates $80 million of revenues from new broadband distribution ag...

Cobham SATCOM to be appointed as the main distributor, on a non-exclusive basis,...

22/11/2021

Yahsat to be added to the FTSE UAE Small Cap Index

Abu Dhabi, United Arab Emirates, 21 November 2021: Al Yah Satellite Communications Company PJSC ( Yahsat and, together with its subsidiaries, the Group ), the...

18/11/2021

Yahsat signs MoU with Mubadala Petroleum to explore advanced satellite technologies

The MoU establishes a framework to discuss the provision of fixed and maritime V...

17/11/2021

Tawazun and Yahsat launch Star Technologies to develop and manufacture satellite communica...

The initiative combines UAE talent and international expertise to create a self-...

15/11/2021

MSCI Includes Yahsat in its Global Indices

Abu Dhabi, United Arab Emirates, 14 November 2021: Al Yah Satellite Communications Company PJSC ( Yahsat and, together with its subsidiaries, the Group ), the...

08/11/2021

Yahsat reports robust financial performance for the nine months ended 30 September 2021

Year to date revenues broadly in line vs prior year with strong momentum going i...

07/11/2021

Yahsat and G42 to Collaborate on Remote Sensing and AI enabled Geospatial Analytics

The MoU brings together Yahsat's advanced upstream satellite capabilities an...

29/10/2021

Yahsat's Data Solutions Subsidiary YahClick Announces Strategic Pan-African Partnership wi...

YahClick expands its satellite broadband enterprise solutions in Nigeria, Zambia...

11/10/2021

Yahsat's mobility business Thuraya secures AED 316 million distribution contracts

The agreements adds significantly to Yahsat's anticipated future cash flows ...

10/10/2021

Yahsat's Board approves proposal to amend dividend policy to allow semi-annual dividend pa...

The proposed update to the dividend policy to be presented for approval at the C...

06/10/2021

Yahsat appointed by UAE Government to assess expansion of existing fleet with two new sate...

Yahsat has been appointed to complete detailed analysis, assessment and recommen...

10/09/2021

Al Jazira Club Announces Yahsat as its First Team Official Training Partner

Abu Dhabi, United Arab Emirates, 8th of September 2021: Al Jazira Sports Club today announced a new partnership with Al Yah Satellite Communications Company PJS...

10/09/2021

Yahsat partners with Cobham SATCOM to deliver industry-leading capabilities for its mobil...

The partnership with Cobham SATCOM will enable Yahsat to enhance data services f...

09/09/2021

Yahsat selects SpaceX to launch its next-generation Thuraya 4-NGS satellite

Yahsat selects Falcon 9 to launch its Thuraya 4-NGS satellite SpaceX designs, manufactures and launches the world's most advanced rockets and spacecraft T...

03/09/2021

Yahsat Selects GMV to Provide Spacecraft Control Systems for Upcoming Thuraya 4-NGS Satell...

New Spacecraft Control System to provide highly secure and reliable monitoring a...

12/08/2021

Yahsat announces 28% increase in Normalised Net Income in H1 2021 as contract backlog so...

Robust financial performance, with AED 698 million [USD 190 million] in revenues...

15/07/2021

Mubadala-owned Yahsat Successfully Commences Trading on ADX

Abu Dhabi, United Arab Emirates, 14 July 2021: Al Yah Satellite Communications Company PJSC ( Yahsat or the Group ), a leading satellite communications servic...

10/07/2021

Mubadala-owned Yahsat announces IPO final offer price

Abu Dhabi, United Arab Emirates, 9 July 2021: Al Yah Satellite Communications Company PJSC ( Yahsat or the Company ) today announces the successful completion...

28/06/2021

Mubadala-owned Yahsat announces the offer price range for its IPO and the opening of the s...

Al Yah Satellite Communications Company PJSC ( Yahsat or the Company ) today a...

22/06/2021

Yahsat and Airbus Complete Preliminary Design Review of Next Generation Satellite Thuraya ...

Al Yah Satellite Communications Company (Yahsat), the leading global satellite o...

22/06/2021

Mubadala-owned Yahsat Announces Intention to List on Abu Dhabi Securities Exchange

- The offering creates an opportunity for investors to participate in the strate...

24/03/2021

Emirates Red Crescent Fortifies Remote Learning and Other Humanitarian Initiatives with Ya...

Emirates Red Crescent Authority signs Memorandum of Understanding (MoU) with Yah...

08/03/2021

Khalifa University's Second CubeSat DhabiSat' Lifts Off Aboard Cygnus Spacecraft to Inter...

Abu Dhabi-UAE: 20 February 2021 Khalifa University of Science and Technology, ...

24/02/2021

Yahsat Enters Into Two Strategic Partnerships to Deploy Mission Ready Defense Vehicular Sy...

Yahsat Government Solutions provides customers a comprehensive range of platform...

23/02/2021

Tawazun and Yahsat collaborate to develop Made in the UAE' SATCOM solutions

Collaboration will focus on the production of critical aeronautical, modem and other advanced satcom technologies in the UAE. Aims to harness local knowledge,...

10/02/2021

Yahsat Announces New Board Appointments and Chief Executive Officer

Abu Dhabi, UAE, 9th February 2021: Al Yah Satellite Communications Company (Yahsat) has announced the appointment of three new members to its Board of Directors...

09/11/2020

Yahsat Announces Pmo for Thuraya 4-ngs Satellite Programme

The PMO will oversee the delivery of Thuraya 4-NGS using Yahsat's experienced Emirati workforce, while in parallel developing more UAE citizens to lead futu...

08/09/2020

Yahsat Boosts Thuraya's Next Generation Capabilities With a Commitment of Over Aed 2 Billi...

Abu Dhabi / Toulouse, August 26, 2020 Airbus has been selected by Al Yah Satel...

10/08/2020

Khalifa University, UAE Space Agency and Yahsat in 3-Way Funding Agreement to Establish K...

Abu Dhabi-UAE: 30 July 2020 Khalifa University of Science and Technology, the ...

30/06/2020

ADEK Collaborates with Yahsat to Provide Connectivity to Distance Learning Students in Al ...

Abu Dhabi, UAE, 10 May 2020: In a bid to ensure continuity of learning for stude...

30/06/2020

Yahsat Names Andrew Cole as New Chief Financial Officer

Abu Dhabi, UAE, 30 June 2020: Al Yah Satellite Communications Company (Yahsat), the leading UAE-based global satellite operator, announced that its Board of Dir...

29/04/2020

Ministry of Education collaborates with Yahsat to offer free satellite broadband services ...

The UAE Ministry of Education (MoE) has announced that it is collaborating with ...

05/02/2020

Yahsat Wins Best Company Award From Tawteen

Abu Dhabi, UAE, 4 February 2020: Al Yah Satellite Communications Company (Yahsat) has announced that it has won the prestigious Emiratisation Award from the UAE...

18/12/2019

Yahsat Boosts Leadership With 4 Emirati Executive Appointments

Abu Dhabi, UAE, 18th December 2019: The Al Yah Satellite Communications Company (Yahsat) has announced four new Emirati executive appointments across governme...

06/12/2019

Thuraya & Airbus Demonstrate Aero Mobility Capabilities At Dubai Air Show 2019

Abu Dhabi, UAE, November 19th : Thuraya, the mobile satellite services subsidiary of the UAE-based Al Yah Satellite Communications Company (Yahsat), in partners...

22/11/2019

THURAYA & AIRBUS DEMONSTRATE AERO MOBILITY CAPABILITIES AT DUBAI AIRSHOW 2019

Abu Dhabi, UAE, November 19th : Thuraya, the mobile satellite services subsidiary of the UAE-based Al Yah Satellite Communications Company (Yahsat), in partners...

13/11/2019

Thuraya Successfully Conducts Aero Mobility Demonstration To Key Government Customers

Live airborne streaming on Thuraya Aero highlights the solution's critical e...

27/06/2019

Khalifa University's MYSAT-2 Cubesat Completes Critical Design Review Milestone

Abu Dhabi, 24 June, 2019 Khalifa University of Science and Technology today an...

07/05/2019

Yahsat and Hughes Form Satellite Services Joint Venture in Brazil

Washington, DC, May 6, 2019 SATELLITE 2019, Booth 1100 Al Yah Satellite Communications Company (Yahsat), a leading global satellite operator based in the Un...

11/09/2018

Yahsat and Hughes to Form Joint Venture to Deliver Satellite Broadband Services

Yahsat, a leading global satellite operator based in the United Arab Emirates (UAE) and wholly owned by Mubadala Investment Company, and Hughes Network Systems ...