Yahsat announces record turnover | Advanced Television
Abu Dhabi-based satellite operator Yahsat reported second-quarter profit of $25.3 million (€24.4 million) and posted its highest-ever half-year revenue, in increase of 8.1%.
Yahsat (officially Al Yah Satellite Communications Co), which is listed on the Abu Dhabi Stock Exchange, reported half-year revenue of $206 million. Yahsat’s growth momentum continued in the second quarter of 2022 with revenue of $107 million, an increase of 6.9% year-on-year. Both managed solutions and mobility solutions performed exceptionally well, according to the company, with first-half 2022 revenue growing 35.1% and 24.1% respectively.
Its Africa-based YahClick broadband subscriber base grew by 24%. YahClick helps connect 28 nations in Southwest Asia, Africa and the Middle East. The company recently won a contract with the government of Zimbabwe to connect schools.
Yahsat’s forecast expects total revenue in 2022 to be at least $420 million (and with the upper limit at $440 million).
Ali Al Hashemi, Group CEO, said, “Yahsat delivered outstanding results, recording its highest revenue in the first half and demonstrating our performance-driven culture to deploy innovative capabilities and grow the business. Our contracted future revenue exceeds AED 7.7 billion, or 5.2 times annual revenue in FY2021. Looking ahead, we remain on track to bring our new satellite into commercial service. generation, Thuraya 4-NGS, in the second half of 2024, while two new satellites, Al Yah 4 and Al Yah 5, are under consideration for launch in 2026. We remain very confident in our short and long term prospects , and have accordingly increased the lower bound of our fiscal 2022 revenue guidance, while reiterating our commitment to pay a progressive dividend.
Yahsat said its dividend payments would increase by 2% per year. For fiscal year 2022, the expected total dividend is at least 4.39 US cents per share, divided into two equal installments payable around October 2022 and May 2023 respectively. This represents a total dividend payment of US$107 million. .