Yahsat Q1revenue jumps 9.4%

Almost 90 per cent of remaining projected revenue for the current year already secured.

Al Yah Satellite Communications Company today announced its financial results for the three-month period ended March 31, 2022. Yahsat reported first-quarter revenue of Dh362.5 million [$98.7 million], reflecting an increase of 9.4 per cent 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 per cent and 45.4 per cent, respectively.

Ali Al Hashemi, group chief executive officer of Yahsat, said: "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 five-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 Dh8.1 billion ($2.2 billion), 5.4 times our annual revenue.

"With almost 90 per cent 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."

Future revenue increased by 8.6 per cent since the start of the financial year and by 47.3 per cent since the beginning of 2021, underpinned by the recent 5-year Dh908.9 million [$247.5 million] managed services mandate awarded by the UAE Government.

Adjusted EBITDA of Dh213.4 million [$58.1 million] increased by 6.8 per cent year-on-year, generating a solid margin of 58.9 per cent. Net income (profit attributable to shareholders) of Dh73.8 million [$20.1 million] increased by 26.4 per cent year-on-year, resulting in a higher net income margin of 20.4 per cent versus 17.6 per cent in the prior period. — Wam