
Exceptional third quarter performance
Abu Dhabi, United Arab Emirates, 8 November 2022: 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), today announced its consolidated financial results for the nine-month period ended 30 September 2022.
Yahsat delivered another set of exceptional results with third quarter revenues and EBITDA soaring by 16% and 21% respectively year-on-year, underpinned by a stellar performance in its Managed Solutions business. This business, together with the stable, long-term contracted Infrastructure business, serves the requirements of the UAE Government, including government related bodies and entities in the UAE, for secure satellite communications capacity and end-to-end managed services.
Highlights for the nine-month period include:
Revenue of AED 1.2 billion [USD 315 million], up 11% year-on-year, underpinned by double-digit growth in Managed Solutions and Mobility Solutions
Adjusted EBITDA of AED 694 million [USD 189 million], up 10% year-on-year, delivering a superior margin of over 60%
Normalised Net Income of AED 278 million [USD 76 million], up 39% year-on-year, achieving a strong margin of 24%
Contracted future revenue of AED 7.6 billion [USD 2.1 billion], equivalent to more than 5 times annual revenue for the full year 2021
Robust financial position with negative net debt and high visibility on future cash flows underpins ability to invest in growth and sustain attractive dividend policy
On track to grow full year 2022 dividend by at least 2% to AED 16.12 fils [USD 4.39 cents] per share or AED 393 million [USD 107 million] 50% of this amount was recently paid as an interim dividend
Full year revenue, Adjusted EBITDA and Discretionary Free Cash Flow guidance remains unchanged
Ali Al Hashemi, Group Chief Executive Officer of Yahsat, commented on the Group's latest financial results:
Yahsat has delivered another excellent performance with third quarter revenue and EBITDA growth accelerating compared to the first half of 2022. Our core Government business has performed particularly well with quarterly revenues in our Managed Solutions business more than doubling year-on-year. Through the procurement of the T4-NGS satellite, which we expect to launch in the first half of 2024 and enter operations in the first half of 2025, we remain well positioned to meet the UAE Government's increasing demand for advanced satellite communication solutions. T4-NGS will also strongly support our commercial operations in Mobility Solutions, which achieved double digit revenue growth during the first nine months of the year.
The potential procurement of two new satellites, Al Yah 4 and Al Yah 5, remains under consideration for launch in 2026 which will secure continuity of service well beyond the lifetime of our existing fleet.
Our industry is witnessing an exciting period of significant innovation and investment. Yahsat is in a strong financial position with a robust balance sheet and a large and visible backlog of contracted future revenues, providing it with the capacity to invest and pursue future growth opportunities. Our recent investment and commercial agreement with eSAT Global to develop a platform for low and very low data rate IoT sensing and tracking devices is an example of the proactive role that Yahsat is playing in shaping the industry's future development.
The full set of third quarter financial disclosures, including a more detailed Management Discussion and Analysis report, can be found within the Investor Relations section on Yahsat's website.
Note to Editors:
Normalised Net Income is net income adjusted for material, one-off items recorded during the current and comparative periods that would otherwise distort the underlying, like-for-like performance of the business. 9M 2022 Normalised Net Income of AED 278 million [USD 76 million] has been adjusted for a non-cash impairment (AED 149 million [USD 41 million]) in the Group's equity-accounted joint-venture in HPE Brazil, in which the Group owns a non-controlling 20% stake. This reflected a rapid deterioration in the global macro-economic environment, which significantly increased the discount rate used in assessing the recoverable amount of this investment. Similarly, 9M 2021 Normalised Net Income of AED 200 million [USD 54 million] has been adjusted for one-off costs relating to the prior year debt refinancing (AED 26 million [USD 7 million]) and IPO related costs (AED 15 million [USD 4 million]).
Middle East Stories
11/01/2023
The game-changing solution, Thuraya MarineStar, from Yahsat's mobility arm T...
11/01/2023
Abu Dhabi, 11 January, 2023 : The game-changing solution, Thuraya MarineStar,...
11/01/2023
Abu Dhabi, 11 January, 2023 : The game-changing solution, Thuraya MarineStar,...
23/12/2022
Yahsat's mobility solution Thuraya XT-LITE was utilized to save the lives of seven fishermen who were stranded in waters between the Philippines and Ind...
23/12/2022
Manila, 23 December, 2022 :
Yahsat's mobility solution Thuraya XT-LITE was utilized to save the lives of seven fishermen who were stranded in waters...
08/11/2022
Exceptional third quarter performance
Abu Dhabi, United Arab Emirates, 8 Novem...
07/11/2022
Partnership to support Abu Dhabi based startups with commercial opportunities to...
11/10/2022
Thuraya, Yahsat's mobility business, signs complementary commercial agreement to develop a Next Generation IoT Platform with eSAT Global
Investment in eSAT...
11/10/2022
Abu Dhabi, 11 October, 2022 : Thuraya, Yahsat's mobility business, signs complementary commercial agreement to develop a Next Generation IoT Platform with ...
21/09/2022
Yahsat is on track to deliver an increased total dividend of at least AED 393.3 ...
01/09/2022
Pledge seeks to increase engagement from the private sector and companies in the pivot towards decarbonization
21 leading companies across the UAE joined the P...
09/08/2022
Abu Dhabi, United Arab Emirates, 9 August 2022: Al Yah Satellite Communications ...
04/08/2022
We are proud to announce that Toronto City Council has approved First Gulfs new King East Centre development. Located along Front Street East and Princess Stree...
20/07/2022
We are proud to announce that Toronto City Council has approved First Gulf's new King East Centre development. Located along Front Street East and Princess ...
01/07/2022
In his new capacity, Sulaiman Al Ali will lead both YahClick, Yahsat's data ...
01/07/2022
Abu Dhabi , 01 July, 2022 :
In his new capacity, Sulaiman Al Ali will lead b...
01/07/2022
Abu Dhabi , 01 July, 2022 :
In his new capacity, Sulaiman Al Ali will lead b...
01/06/2022
Abu Dhabi , 01 June, 2022 : New office opened in Singapore as part of the festivities
Thuraya, the mobility solutions subsidiary of the UAE's flagship sat...
01/06/2022
Mississauga, ON (June 1, 2022) First Gulf Corporation ( First Gulf ) has par...
11/05/2022
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 ...
05/05/2022
The partnership acquired the 13.4 acre site to develop small-bay industrial cond...
29/04/2022
Yahsat has been appointed to enable UAE Government platforms with a satellite co...
12/04/2022
All resolutions approved at AGM including amendment to dividend policy allowing ...
08/03/2022
MoU signed to collaborate on line-fitting unmanned vessels and pre-qualifying Ya...
07/03/2022
Yahsat and Edge have agreed to line-fit pre-qualified Comms-On-The-Move (COTM) s...
01/03/2022
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...
28/02/2022
Abu Dhabi , 28 February, 2022 :
The new solution will provide users the abil...
24/02/2022
Abu Dhabi, 24 February, 2022 :
Thuraya and Delnet are bringing game-changing...
14/02/2022
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 will deliver advanced and secure satellite communication solutions
Yahs...
26/01/2022
First Gulf has continued to execute on its strategic growth and diversification ...
13/01/2022
Abu Dhabi , 13 January, 2022 :
Thuraya signs service partner agreement with ...
13/01/2022
Abu Dhabi , 13 January, 2022 :
Thuraya signs service partner agreement with ...
20/12/2021
Abu Dhabi, 20 December 2021: The collaboration between Emirates Schools Establis...
26/11/2021
Yahsat will provide advanced telecommunication services and solutions to integra...
25/11/2021
Abu Dhabi, 25 November, 2021 :
Yahsat will provide advanced telecommunicatio...
25/11/2021
Abu Dhabi, 25 November, 2021 :
Yahsat will provide advanced telecommunicatio...
23/11/2021
Cobham SATCOM to be appointed as the main distributor, on a non-exclusive basis,...
23/11/2021
Abu Dhabi, 22 November, 2021 :
Cobham SATCOM to be appointed as the main dist...
23/11/2021
Abu Dhabi, 22 November, 2021 :
Cobham SATCOM to be appointed as the main dist...
22/11/2021
Abu Dhabi, United Arab Emirates, 21 November 2021: Al Yah Satellite Communications Company PJSC ( Yahsat and, together with its subsidiaries, the Group ), the...
22/11/2021
Abu Dhabi, 09 September, 2021 :
The partnership with Cobham SATCOM will enab...
22/11/2021
Abu Dhabi, 09 September, 2021 :
The partnership with Cobham SATCOM will enab...
18/11/2021
The MoU establishes a framework to discuss the provision of fixed and maritime V...
17/11/2021
The initiative combines UAE talent and international expertise to create a self-...
15/11/2021
Abu Dhabi, United Arab Emirates, 14 November 2021: Al Yah Satellite Communications Company PJSC ( Yahsat and, together with its subsidiaries, the Group ), the...
12/11/2021
Abu Dhabi, 11 November, 2021 :
The new agreement enables Thuraya and GTNT to...
12/11/2021
Abu Dhabi, 11 November, 2021 :
The new agreement enables Thuraya and GTNT to...
08/11/2021
Year to date revenues broadly in line vs prior year with strong momentum going i...
07/11/2021
The MoU brings together Yahsat's advanced upstream satellite capabilities an...