Home
Industry
Space

UAE: Yahsat reports strong quarterly results for Q3

Yahsat attributed its strong results due to the performance of its smart ICT solutions arm Thuraya Telecommunications

by Gulf Business

November 8, 2023

Image credit: Supplied

The UAE’s flagship satellite solutions provider, Al Yah Satellite Communications Company also known as Yahsat, listed on the Abu Dhabi Securities Exchange announced its consolidated financial results for the nine months ending September 30.

Net profit of the company for the three months at the end of September stood at $26.4m, compared with a loss of $10.2m during the same period last year. Revenue for the same period grew by 8 per cent annually to $117.4m, which was the second highest on record.

Yahsat attributed its strong results to the performance of its smart ICT solutions arm Thuraya Telecommunications which provides mobile satellite services using L-band spectrum. Thuraya reported, for the nine-month period ending September 30, a growth of 22 per cent and third quarter growth of 81 per cent versus the prior year, driven by higher equipment sales and service revenues.

Yahsat’s outlook

The company’s nine-month profit more than doubled to $71.7m as revenue grew by 2.5 per cent to $322.5m and finance income jumped more than four times to $18.7m.

Ali Al Hashemi, Group CEO of Yahsat, said, “The third quarter has been one of several historic achievements which reinforce the company’s future growth trajectory. Our reported revenue growth for the nine-month period underpinned by one of the strongest third quarters on record has resulted in improved financial guidance for 2023 and means that we are well positioned to record our strongest ever performance for the full year.”

“Our financial position, with record low leverage, has never been stronger and continues to support our attractive progressive dividend policy,” added Al Hashemi.

Guidance for full-year revenue, earnings before interest, taxes, depreciation and EBITDA and cash capital expenditure and investments remains unchanged, while guidance for discretionary free cash flow has been increased to a range of $140m to $160m, from $130m to $150m, Yahsat said.

Also read: Yahsat’s Khalid Al Kaf shares the satcom giant’s future-forward strategy