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

Most recent headlines

04/11/2022

Game better with DTS Headphone:X

The best gamers know DTS Headphone:X technology ups their play. Now major magazines have caught on, too. DTS Headphone:X technology creates immersive soundsc...

25/06/2022

Call for Nominations of Individuals to Serve as Members of the Presidential Employment Stimulus Programme Three (PESP3) Advisory Panel .

The National Film and Video Foundation (NFVF), an agency of the Department of Sp...

25/06/2022

The call for the next Presidential Employment Stimulus Program focused on the Audio-Visual Industry, is open.

The National Film and Video Foundation (NFVF), is pleased to announce the openin...

25/06/2022

List of non-exhaustive crew titles that will be considered for funding.

Director Producer Line producer Production assistant Production managements Production manager Assistant production manager Unit manager Production coor...

25/06/2022

Portland Timbers, Thorns FC Choose SNS for Shared Storage, Media Asset Management

Portland Timbers, Thorns FC Choose SNS for Shared Storage, Media Asset Managemen...

25/06/2022

Tips from Recruiters: How to Present Your Work and Interview Like a Pro

Tips from Recruiters: How to Present Your Work and Interview Like a Pro Brie Clayton June 23, 2022 0 Comments Join Access VFX on the below ZOOM link: ...

25/06/2022

BC Live Productions Relies on AJA Gear to Get it Right the First Time

BC Live Productions Relies on AJA Gear to Get it Right the First Time Brie Clayton June 23, 2022 0 Comments From star-studded Hollywood film premieres ...

25/06/2022

Blackmagic Design Announces New Blackmagic Pocket Cinema Camera 6K G2

Blackmagic Design Announces New Blackmagic Pocket Cinema Camera 6K G2 Brie Clayton June 23, 2022 0 Comments A next generation 6K digital film camera mo...

25/06/2022

Random Fixed Color Expression

Random Fixed Color Expression Andy Ford June 24, 2022 0 Comments This tutorial expands upon my previous tutorial on creating a random color expression....

25/06/2022

Sonnet Announces PCI Express 3.0 Adapter Card Featuring TwoNVMe SSD Slots, 16-Lane PCIe Bridge

Sonnet Announces PCI Express 3.0 Adapter Card Featuring TwoNVMe SSD Slots, 16-La...

25/06/2022

Professional Tiffen Filters for DJI Mini 3 Pro Drone

Professional Tiffen Filters for DJI Mini 3 Pro Drone Brie Clayton June 24, 2022 0 Comments Tiffen s 3-Filter Neutral Density Kit for the DJI Mini 3 Pro...

25/06/2022

Discover the Power of Accelerated Computing | NVIDIA EGX Platform for Professional Visualization

Discover the Power of Accelerated Computing | NVIDIA EGX Platform for Profession...

25/06/2022

Microscopic World Captured with Blackmagic Pocket Cinema Camera 6K by Protist Lab Films

Microscopic World Captured with Blackmagic Pocket Cinema Camera 6K by Protist La...

25/06/2022

NCTA Asks for Binding Retrans Conditions on Tegna Deal

WASHINGTON, D.C. The NCTA has told the FCC that it will not oppose Standard General's deal for Tegna if the FCC adopts binding conditions to ensure that th...

25/06/2022

Blackmagic Design Releases DaVinci Resolve 18 Public Beta

PORT MELBOURNE, Australia Blackmagic Design this week released a new public beta of DaVinci Resolve 18 with Blackmagic Cloud hosting and management support of c...

25/06/2022

New Samsung Sensor Enables Higher Res Images from Slimmer Mobile Phones

SEOUL, South Korea Imaging technologies for mobile phones and devices made a notable advance this week with Samsung Electronics Co. unveiling its new 200MP ISOC...

25/06/2022

Broadcast Deals Topped $11B in Q1 2022

NEW YORK Kagan, the media research unit of S&P Global Market Intelligence, has issued a new report finding that the broadcast deal market for first quarter 2022...

25/06/2022

Horizon Media Testing Comscores Local TV Measurement Data

RESTON, Va. Comscore has announced that Horizon Media is testing Comscore's local TV measurement solution as a new form of currency for 2023 planning and bu...

25/06/2022

TikTok TV Expands to Vizio Smart TVs

IRVINE, Calif. Vizio has announced that TikTok TV is now available on its smart TVs....

25/06/2022

Berklee, Love Renaissance, and Audiomack Present Music Business Summer Program

Berklee, Love Renaissance, and Audiomack Present Music Business Summer Program The five-day interactive experience is designed to teach aspiring artists, execut...

24/06/2022

UKTV Ventures finds airtime-for-equity partner in easyGuide

20th May 2022 Award-winning broadcaster UKTV has today announced it has invested in online start-up easyGuide, using its multi-million pound investment fund, U...

24/06/2022

Finding Africa s new voice

Hello, can you hear me? The zoom screen springs to life and the responses quickly follow. Yes, we can. Good morning . The greetings come from Kenya, Nigeri...

24/06/2022

Space and Missile Defense (SMD) Symposium

Join us at SMD to collaborate on ways to accelerate our nation's missile warning and defense capabilities. During SMD, L3Harris will connect with missile de...

24/06/2022

Public Broadcasters Applaud $40M Funding Increase Vote

WASHINGTON A House subcommittee this week approved President Biden's $40 million increase in funding for public broadcasting for FY2023. The vote from the H...

24/06/2022

NCTA Asks for Binding Conditions on Tegna Deal

WASHINGTON, D.C. The NCTA has told the FCC that it will not oppose Standard General's deal for Tegna if the FCC adopts binding conditions to ensure that th...

24/06/2022

Dr. David Bogen Named Berklee's Provost and Executive Vice President for Academic Affairs

Dr. David Bogen Named Berklee's Provost and Executive Vice President for Aca...

24/06/2022

Graham Media Joins Opposition to Standard General-Tegna Deal

Station owner Graham Media has joined the opposition to Standard General's acquisition of Tegna, filing a petition against the deal with the Federal Communi...

24/06/2022

FCC Kicks Tires on ATSC 3.0 Transition

The Federal Communications Commission is seeking public and stakeholder input on how TV stations' transition to the ATSC 3.0 NextGen TV standard is going an...

24/06/2022

CBS Shares Fall Premieres

CBS has shared the fall premiere dates for its programs. There are four new series and 18 returning ones....

24/06/2022

Universal Studio Group Taps Jordan Moblo as EVP, Creative Acquisitions, IP Management

NBCUniversal's Universal Studio Group named Jordan Moblo executive VP, creat...

24/06/2022

Pete Hegseth's Battle for the American Mind' Makes NY Times' Bestseller List

Pete Hegseth, Fox & Friends Weekend host, debuted at No. 1 on the New York Times...

24/06/2022

Tehmina Jaffer Named Business Affairs Head for Disney Branded Television

Disney Branded Television said it hired Tehmina Jaffer as executive VP, business affairs....

24/06/2022

Vislink develops NFT-ready video clipping tool

New tool enables sports organisations to instantly create, package and convert clips into NFTs which can be used as a revenue source By Jenny Priestley Publis...

24/06/2022

disguise helps create a virtual world for Camila Cabello

Elements created by xR and AR included plants, skies, graphics, animated cityscapes, fireflies and butterflies By Jenny Priestley Published: June 24, 2022 ...

24/06/2022

ScreenSkills: UK TV and film industry needs 21,000 additional crew to meet demand

ScreenSkills suggests production spend on film and HETV is likely to hit between...

24/06/2022

Avid returns to IBC

Avid CEO Jeff Rosica said the company is confident that the improving conditions and handling of the pandemic can help to ensure that IBC 2022 can be successful...

24/06/2022

Professional Tiffen Filters Available for DJI Mini 3 Pro Drone

HAUPPAUGE, N.Y. Tiffen has announced its 3-Filter Neutral Density Kit for the DJI Mini 3 Pro. The lightweight filters allow users to manage the camera aperture ...

24/06/2022

BlackMagic Design Releases New Pocket Cinema Camera 6K G2

PORT MELBOURNE, Australia Blackmagic Design today introduced its next-generation of the Blackmagic Pocket Cinema Camera 6K G2 with adjustable touchscreen, a lar...

24/06/2022

Common Cause Files FCC Petition Opposing Tegna Merger

WASHINGTON, D.C. Common Cause and UCC Media Justice have filed a petition with the Federal Communications Commission (FCC) asking the agency to deny the propose...

24/06/2022

Streaming Video Consumers Are Becoming More Cost Conscious

PORT WASHINGTON, N.Y. A new survey from The NPD Group has found that consumers are more worried about the cost of streaming services than they were last fall, w...

24/06/2022

Sinclair Launches Bally Sports+ Streaming Service

BALTIMORE, M.D. Sinclair launched its long-awaited direct-to-consumer Bally Sports+ streaming service on June 23 with a soft launch in five markets at $19.99 a ...

24/06/2022

Avid to Exhibit at IBC

Avid President/CEO Jeff Rosica has confirmed that the company will exhibit at the IBC Show at the RAI in Amsterdam, Sept. 10-13. The announcement marks a change...

24/06/2022

Jazz Legend Gary Burton Reflects on Seven Decades in Music and Education

Jazz Legend Gary Burton Reflects on Seven Decades in Music and Education The jazz fusion pioneer, LGBTQ advocate, and Berklee superstar is celebrating the 40...

24/06/2022

Americas Got Talent Judges Wowed by Berklee Students Audition

Americas Got Talent Judges Wowed by Berklee Students Audition Kieran Rhodess vulnerable performance of his song Disengage earned him multiple standing ovation...

24/06/2022

Twitter Board Endorses Elon Musk Takeover

Twitter's board of directors is unanimous in its support for Elon Musks bid to take over the company. Its members have unanimously voted to accept the deal ...

24/06/2022

FCC Looks for Post-Nielsen Directory Market Metric

The FCC is gearing up to find another way to determine a TV stations local market for must-carry and other purposes. The move comes after decades of using Niels...

24/06/2022

Unions Try to Block Tegna-Standard General Deal

Some powerful unions are teaming up to try and block investment firm Standard General's purchase of Tegna, with the financial help of Apollo Global Manageme...

24/06/2022

ABC Scores Watch-Time, Impressions Wins With NBA & NHL: TV By the Numbers

Below is a snapshot of TV by the numbers for the week of June 13-19, highlighting the most-watched shows and networks using glass-level data from Vizio's In...

24/06/2022

ESPN, WCVB Get Exclusive Boston Marathon Broadcast Rights

The Boston Athletic Association on Wednesday said that starting in 2023 ESPN will become the exclusive national television outlet for the Boston Marathon with W...

24/06/2022

OpenAP Working with Snowflake To Provide Media Data Clean Room

Advanced advertising company OpenAP said it formed a strategic partnership with data cloud company Snowflake to create a clean room facility in which TV netwo...