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

08/11/2021

Year to date revenues broadly in line vs prior year with strong momentum going into Q4

Adjusted EBITDA of AED 628.3 million [USD 171.1 million] and Normalised Adjusted EBITDA of AED 643.6 million [USD 175.3 million], up 2.5% vs. prior year, generating a superior EBITDA margin of 61.6%

Net Income (profit attributable to the shareholders) of AED 159.0 million [USD 43.3 million] and Normalised Net Income of AED 200.1 million [USD 54.5 million], up 44.3% vs. prior year, delivering a margin of 19.2% (vs. 12.9%)

Proposal to distribute semi-annual dividends endorsed by Board and subject to shareholders' approval; dividend to be paid in 2022 expected to be approximately 16 Fils (AED 0.16) per share

Yahsat positioned well for future growth with contracted future revenues of over AED 7.3 billion [over USD 2 billion], underpinned by significant new Commercial and Government deals secured in Q3 2021

Abu Dhabi, United Arab Emirates, 07 November 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 largest providers of multi-mission satellite communication solutions in the world, today announced its financial results for the nine months ended 30 September 2021 ( 9M 2021 ).

The top line continued to gain momentum with revenue for the nine months of AED 1.0 billion [USD 284.3 million], which is broadly in line with prior year, demonstrating a strong and sustained performance since Q1 2021. A strong pipeline across all business lines is set to support further revenue growth, with a number of new Commercial and Government contracts secured and further significant deals already signed as of the date of this announcement.

Yahsat maintained an Adjusted EBITDA margin above 60%, with Adjusted EBITDA for the nine months of AED 628.3 million [USD 171.1 million]. Normalised Adjusted EBITDA of AED 643.6 million [USD 175.3 million] exceeded prior year by 2.5%, generating a margin of 61.6%, higher than the prior year margin of 58.3%, reflecting continued cost and working capital efficiencies.

Net Income (profit attributable to shareholders) for the nine months was AED 159.0 million [USD 43.3 million]. After adjusting for one-off items , Normalised Net Income of AED 200.1 million [USD 54.5 million] exceeded prior year by AED 61.4 million [USD 16.7 million] (or 44.3%). Normalised Net Income margin of 19.2% for the nine months significantly exceeded the corresponding margin of 12.9% in prior year.

Underpinning the 9M 2021 results was a resilient Q3 performance, with revenues broadly stable (approximately 1% lower than Q3 2020) and a notable increase in profitability, with Normalised Adjusted EBITDA up by AED 28.9 million [USD 7.9 million] (15.3%) and Normalised Net Income up by AED 31.7 million [USD 8.6 million] (99.2%).

Yahsat maintained a high cash conversion ratio of approximately 97% for the period ended 30 September 2021, driven by low maintenance related capital expenditure.

Key Business Updates

The T4-NGS programme, which started in 2020, remains on track with several key contracts now concluded. In June 2021, Yahsat entered into a 15-year T4-NGS Capacity Services Agreement adding more than AED 2,570 million [more than USD 700 million] to contracted future revenues. In September 2021, Yahsat selected SpaceX Falcon 9 for the launch of the T4-NGS satellite in 2023 and awarded to Cobham SATCOM the contract to deliver a comprehensive mobile broadband system, including ground infrastructure.

The success of the refinancing programme of AED 2,572.6 million [USD 700.5 million], which was completed in June 2021, boosted the Group's already strong cash position, and supported a healthy Net Debt to EBITDA ratio of 0.5x as at 30 September 2021.

Attractive Dividend Policy

In October 2021, the Board of Directors of Yahsat endorsed management's recommendation to update the Group's current dividend policy, allowing it to distribute dividends on a semi-annual basis going forward. The updated policy is subject to shareholder approval at the next AGM in 2022. This reflects the Board's confidence in the financial strength of the business, a positive outlook on cash flow and Yahsat's ability to fund future investments.

A final dividend of AED 192.8 million [USD 52.5 million] for the financial year 2021 is expected to be paid to all shareholders in April 2022, bringing the total dividend for the year 2021 to AED 385.6 million [USD 105 million].

The dividend is expected to grow by at least 2% per year , with the below illustrating the expected annual dividends to be paid per share:

Total dividend to be paid in calendar year (sum of interim and final dividends) in AE Fils per share

Year of payment

15.96

2022

16.28

2023

16.61

2024

Please refer to the Legal Notice at the end of this release for a discussion regarding the factors that influence dividend payments generally.

Commenting on the results, Ali Al Hashemi, Chief Executive Officer at Yahsat said:

We continue to see a strong performance in our revenues coupled with high levels of profitability and cash flow. We are laying the foundations for future growth, by signing new deals across our Commercial and Government businesses, which add to our contracted future revenues and underpin our commitment to a progressive dividend.

Our recent appointment by the UAE Government to assess the expansion of our existing fleet with two potential new satellites presents Yahsat with significant additional growth opportunities across the business, further enhancing our longer-term outlook.

Al Hashemi added, We remain on track to achieve all our strategic objectives, financially and operationally, supported by the rapid post-pandemic recovery of our business segments globally. We will continue forging pa
LINK: https://www.yahsat.com:443/en/news-and-media/news/2021/yahsat-reports-...
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