Sony Pixel Power calrec Sony

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

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 with a healthy margin of 58.9%

Net Income (profit attributable to shareholders) of AED 73.8 million [USD 20.1 million], up 26.4% year-on-year

Contracted future revenue of AED 8.1 billion [USD 2.2 billion], up by AED 642.1 million [USD 174.9 million] or 8.6% since the start of the year

Awarded a 5-year AED 908.9 million [USD 247.5 million] managed services mandate by the UAE Government for satellite communications capabilities

Strong Discretionary Free Cash Flow (DFCF) of AED 333.1 million (USD 90.7 million), supporting an attractive dividend expected to total at least 16.12 fils [US cents 4.39] per share, an increase of 2%, split into two equal instalments around October 2022 and April 2023

FY2022 guidance range maintained

Al Yah Satellite Communications Company PJSC ( Yahsat or the Group ) listed on the Abu Dhabi Securities Exchange ( ADX ) under (SYMBOL: YAHSAT) (ISIN: AEA007501017), the UAE's flagship satellite solutions provider, today announced its financial results for the three-month period ended 31 March 2022 ( 1Q22 ).

Ali Al Hashemi, Group Chief Executive Officer of Yahsat, commented:

Yahsat has had an excellent start to 2022 with significant year-on-year growth in revenue, adjusted EBITDA and Net Income. With the recent award of a 5-year managed services mandate from the UAE Government, reinforcing our position as its preferred satellite solutions partner, we strengthened our foundations for long term sustainable growth, and now show contracted future revenue of AED 8.1 billion (USD 2.2 billion), 5.4 times our annual revenue.

With almost 90% of remaining projected revenue for the current year already secured, we remain very confident in our outlook for Yahsat and reiterate our guidance for FY2022.

Financial Overview

AED millions

1Q22

1Q21

Change%

Revenue

362.5

331.3

9.4%

Adjusted EBITDA

213.4

199.8

6.8%

Net Income (Profit attributable to the shareholders)

73.8

58.4

26.4%

Discretionary Free Cash Flow

333.1

315.8

5.5%

Adjusted EBITDA Margin %

58.9%

60.3%

Net Income Margin %

20.4%

17.6%

Cash and short-term deposits

1,756.2

1,470.0*

19.5%

* (as of 31 Dec 2021)

Following the exceptional performance in 4Q21, Yahsat has continued building on its strong momentum in 2022 with first quarter revenue of AED 362.5 million [USD 98.7 million] reflecting an increase of 9.4% year-on-year. All business segments performed well with a particularly exceptional performance in both Managed Solutions and Mobility Solutions, which increased by 26.0% and 45.4% respectively.

As at 31 March 2022, the Group's contracted future revenue stood at AED 8.1 billion [USD 2.2 billion] equivalent to around 5.4 times annualized revenue. Future revenue increased by 8.6% since the start of the financial year and by 47.3% since the beginning of 2021, underpinned by the recent 5-year AED 908.9 million [USD 247.5 million] managed services mandate awarded by the UAE Government.

Adjusted EBITDA of AED 213.4 million [USD 58.1 million] increased by 6.8% year-on-year, generating a strong margin of 58.9%. Net income (profit attributable to shareholders) of AED 73.8 million [USD 20.1 million] increased by 26.4% year-on-year, resulting in a higher net income margin of 20.4% versus 17.6% in the prior period.

The Group's balance sheet remained strong. At 31 March 2022, the Group's net debt stood at AED 382.1 million [USD 104.0 million] with a leverage ratio (net debt to Adjusted EBITDA) of 0.4x.

Together with Discretionary Free Cash Flow for the period of AED 333.1 million [USD 90.7 million] and a cash conversion ratio of 97.6%, the Group is well positioned to meet its future dividend, growth and capital expenditure commitments.

Operating Segments

AED millions

1Q22

1Q21

Change %

Infrastructure

217.7

220.2

-1.1%

Managed Solutions

55.8

44.3

26.0%

Mobility Solutions

67.8

46.6

45.4%

Data Solutions

21.1

20.2

4.4%

Total Revenue

362.5

331.3

9.4%

Infrastructure

Infrastructure accounted for approximately 60% of Group revenue, mainly comprising the 15-year long-term Capacity Services Agreement with the UAE Government. Overall revenue remained broadly stable at AED 217.7 million [USD 59.3 million].

Managed Solutions

Managed Solutions, contributing approximately 15% to Group revenue, continued the strong growth momentum seen in 4Q21. 1Q22 revenue grew year-on-year by 26.0% reflecting the consistent uptake of recommissioned projects that were delayed in 2021, in addition to new requirements stemming from the expansion of the Oil & Gas sector.

On 3 February 2022, Yahsat Government Solutions ( YGS ) was awarded a AED 24 million [USD 7 million] contract by Abu Dhabi Ship Building ( ADSB ) to provide advanced and secure satellite communication services. Yahsat will design, deliver and integrate the satellite communication systems in vessels produced by ADSB.

On 8 February 2022, Yahsat Government Solutions ( YGS ) was awarded a AED 908.9 million [USD 247.5 million] mandate to provide enhanced managed services to the UAE Government for its satellite communications capabilities. The agreement augments the previous operations and maintenance services provided, to include technology management support, from January 2022 until the end of 2026. This mandate reinforces Yahsat's long-standing relationship with the UAE Government, which has existed for more than a decade, highlighting the Group's role as the preferred partner for capacity and solutions since 2011.

Mobility Solutions

Mobility Solutions accounted for approximately 19% of Group revenue and recorded stellar year-on-year growth of 45.4%, capitalizing on its exceptional 4Q21 performance. Service revenue increased by around 4% with d
LINK: https://www.yahsat.com:443/en/news-and-media/news/2022/yahsat-reports-...
See more stories from yahsat

More from Yahsat

14/05/2024

Yahsat reports strong first quarter results for 2024

Highest ever Q1 revenue with Normalised EBITDA growth of 7% Profitability, cash flow and capital expenditure guidance reiterated Abu Dhabi, United Arab Emirat...

10/05/2024

Thuraya network coverage restored in the Indo-China region as recovery measures underway

Abu Dhabi, 10 May 2024: Further to our previous communications about the unexpec...

09/05/2024

Yahsat welcomes high-level delegation from South Africa led by HE Deputy President Paul Ma...

The visit discussed potential for Yahsat to expand its presence in South Africa ...

25/04/2024

Bayanat and Yahsat Shareholders Approve Merger to Create SPACE42

Bayanat AI PLC (ADX: BAYANAT), a leading AI-powered geospatial solutions provider, and Al Yah Satellite Communications Company P.J.S.C. (ADX: YAHSAT), the UAE&#...

23/04/2024

Bayanat and Yahsat Shareholders Set to Vote on Recommended Merger on 25 April

The merger will provide vertical integration potential and enhanced product offerings to capture regional and international opportunities for revenue growth and...

01/04/2024

Yahsat appoints Amit Somani as Chief Growth and Strategy Officer

Mr. Somani will oversee the development and implementation of the company's growth strategy and spearhead global strategic partnerships Abu Dhabi, United A...

21/03/2024

Bayanat and Yahsat shareholders to vote on recommended merger to create SPACE42 on 25 Apri...

- A circular was issued today setting both entities' General Assembly Meetin...

21/02/2024

Yahsat sets the bar high for global connectivity as it unveils Project SKY', an ambitious...

The industry disruptive strategy is primed to transform the lives of billions of...

20/12/2023

Introducing Space42, a new AI-powered space technology champion with global reach, and its...

Abu Dhabi, 20 December 2023: Further to the announcements made by Bayanat AI PLC...

19/12/2023

Bayanat and Yahsat boards recommend merger to create an AI-powered space technology champi...

The combination will bring together complementary capabilities to create a UAE-b...

27/11/2023

Yahsat to Demonstrate Space Technologies' Critical Role in Empowering Climate Solutions du...

Yahsat's next-generation climate tech solutions to support efforts to mitiga...

21/11/2023

Thuraya collaborates with Norway-based AnsuR Technologies to distribute its advanced video...

Asmira video compression technology delivers advanced capabilities to end users ...

16/11/2023

EDGE Selects Yahsat to Provide Satellite Communication Solutions for its REACH-S Airborne ...

Yahsat's reliable and secure connectivity solutions to be installed on EDGE&...

15/11/2023

Yahsat, Bayanat and ICEYE Expand SAR Satellite Fleet to Seven Spacecraft Covering the Midd...

Dubai, 15 November, 2023: Bayanat (a leading provider of AI-powered geospatial s...

07/11/2023

Yahsat Reports Strong Third Quarter Results for 2023

Third quarter revenues grew 8% versus prior year, second highest on record Nine-month revenues and Normalised EBITDA increased 3% underpinned by double digit g...

30/10/2023

Yahsat Becomes the First UAE Space Technology Company to Join the United Nations' Global I...

The United Nations Global Compact (UNGC) is the world's largest corporate su...

23/10/2023

Thuraya and YahClick Partner with Gate for Technologies Co. Ltd (G4T) to Boost Satellite-e...

Service partnership agreement covers vital sectors including government, telemed...

17/10/2023

Thuraya to revolutionize shipping container transport with Cypod Solutions' industry-first...

The innovative IoT Product provides tracking, locking and multiple sensing featu...

12/10/2023

Yahsat to showcase innovative satellite enabled solutions during GITEX 2023

The company is set to forge several new partnerships with leading companies to enrich its portfolio of Internet of Things (IoT) and Artificial Intelligence (AI)...

22/09/2023

Yahsat awarded AED 18.7 billion [USD 5.1 billion] satellite capacity and managed services ...

Abu Dhabi, United Arab Emirates, 22 September 2023: Al Yah Satellite Communicati...

20/09/2023

Yahsat increases interim cash dividend to AED 201 million (8.23 fils per share) for the fi...

On track to grow dividends by at least 2% to a total of AED 402 million [USD 109...

11/09/2023

YahClick Partners with NIGCOMSAT to Deepen Broadband Penetration in Nigeria

Partnership aims to expand broadband penetration in Sub-Saharan Africa Abu Dhabi, UAE, 11 September 2023: YahClick, the Data Solutions subsidiary of the UAE...

29/08/2023

Emirati Women a Key Driving Force Behind UAE's Notable Achievements in Satellite Communica...

Yahsat proudly celebrates Emirati Women's Day, recognizing accomplishments o...

11/08/2023

Yahsat Strengthens its Presence in China Amid Growing Demand for its World-class Satellite...

Yahsat's Commercial team is exploring ways to take advantage of growing Chin...

08/08/2023

Yahsat Reports Solid First Half Results for 2023

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 Ar...

13/07/2023

Yahsat Reaffirms Position as UAE's Leading Satellite Tech Provider with Award from the Cou...

Khalid Al Kaf, Yahsat's Chief Operations Officer, accepted the TDRA Partner ...

22/06/2023

Yahsat's Powerful Communications Solution at Centre Stage of Cross-border Rescue of Chines...

Chinese embassy officials commend Yahsat for its support in the rescue of five f...

14/06/2023

Thuraya Welcomes Minister of State His Excellency Ahmed Ali Al Sayegh to its Pavilion at C...

Abu Dhabi, UAE, 14 June 2023: Thuraya Telecommunications Company, the mobility a...

08/06/2023

Yahsat Embarks on an Action-packed Week of Activities in Singapore as It Targets Internati...

Yahsat Asia Week' showcased innovative solutions of its mobility arm, Thuray...

23/05/2023

Thuraya and eSAT Global Announce Satellite IoT Breakthrough with Low-Latency Messaging

Demonstration of low-power IoT messages' transmission over Thuraya's sat...

17/05/2023

Bayanat, Yahsat and ICEYE announce an ambitious program to broaden commercial opportunitie...

New program provides further momentum to UAE space economy sector The program a...

08/05/2023

Yahsat Reports Record First Quarter Revenue in 2023

Net income and EBITDA both grew by 35% and 4% respectively year-on-year Abu Dhabi, United Arab Emirates, 8 May 2023: Al Yah Satellite Communications Company PJ...

18/04/2023

Yahsat Wins MSUA Satellite Mobile Innovation Award for Thuraya's Push-To-Talk Mobility Sol...

Yahsat has been recognized with the prestigious accolade in the highly competiti...

03/04/2023

Yahsat's Mobility Arm Thuraya and Astrocast Strengthen Collaboration through a Strategic I...

Thuraya agrees heads of terms for investment in leading IoT and LEO network oper...

16/03/2023

Yahsat selects Comtech for development of Advanced Location Tracking Solutions as part of ...

Abu Dhabi, UAE March 16, 2023 Al Yah Satellite Communications Company PJSC (...

01/03/2023

Yahsat and Calidus Partner to Equip Aeronautical and Land Defence Systems with Secure Comm...

MoU signed between national leaders at IDEX 2023 to build on Yahsat's system...

28/02/2023

Yahsat Reports Strong Revenue and EBITDA Growth in 2022

Key financial guidance targets met or exceeded Contracted future revenues of AED 7.3 billion [USD 2.0 billion] Equivalent to 4.6 times annual revenue Robust...

23/02/2023

Bayanat and Yahsat sign MOU to develop in-country space program for earth observation capa...

The strategic partnership is aimed at building and operatingstrategic earth obse...

22/02/2023

GAL-AMMROC and Yahsat Partner to Expand Services for Airborne Platforms

Collaboration between two national industry leaders to expand services for UAE and MENA region airborne market creating a one-stop-shop for relevant platform ...

17/02/2023

Yahsat and Cobham SATCOM Complete Critical Design Review for Thuraya's Next Generation Bro...

The successful completion of the Critical Design Review is a key milestone in th...

15/02/2023

Yahsat and MBRSC Partner on Remote Sensing and Earth Observation

Partnership demonstrates collaboration between two leading national champions that will support the national space sector for both government and commercial cus...

11/01/2023

Yahsat Wins Best Marine Satellite Technology Accolade at Middle East Technology Excellence...

The game-changing solution, Thuraya MarineStar, from Yahsat's mobility arm T...

23/12/2022

Yahsat Honours Lives of Fishermen Saved in the Philippines

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...

08/11/2022

Yahsat Reports Double Digit Revenue and EBITDA Growth for the First Nine Months of 2022

Exceptional third quarter performance Abu Dhabi, United Arab Emirates, 8 Novem...

07/11/2022

Hub71 and Yahsat to Advance Innovative Technologies Supporting Satellite Operations from A...

Partnership to support Abu Dhabi based startups with commercial opportunities to...

11/10/2022

Yahsat Acquires a Minority Stake in eSAT Global

Thuraya, Yahsat's mobility business, signs complementary commercial agreement to develop a Next Generation IoT Platform with eSAT Global Investment in eSAT...

21/09/2022

Yahsat Announces Increased Interim Cash Dividend of AED 196.6 Million (8.06 fils Per Share...

Yahsat is on track to deliver an increased total dividend of at least AED 393.3 ...

01/09/2022

Yahsat Joins UAE Climate-Responsible Companies Pledge

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

Yahsat First Half Revenues Up by 8.1% to record levels, with Net Income Increasing by 50.7...

Abu Dhabi, United Arab Emirates, 9 August 2022: Al Yah Satellite Communications ...

01/07/2022

Yahsat Announces Appointment of Sulaiman Al Ali as Chief Commercial Officer of Yahsat to D...

In his new capacity, Sulaiman Al Ali will lead both YahClick, Yahsat's data ...