Al Yah Satellite Communications Company (Yahsat) reported a 6% year-on-year revenue surge to a record AED 1.7B ($457M) in the fiscal year ending December 31, 2023. Adjusting for one-off items, EBITDA hit a record AED 996M ($271M), and net income spiked by 68% to AED 424M ($116M).
The impending merger with Bayanat is a major highlight, aiming to create an AI-powered space technology entity named Space42, subject to regulatory and shareholder approvals.
Looking ahead to 2024, Yahsat sets revenue expectations between AED 1.6-1.7B ($440-460M) and EBITDA between AED 936-1,010M ($255-$275M). Despite the merger on the horizon, the company is projected to increase its 2023 dividend by 2% to 16.46 fils ($.448) per share or AED 402M ($109M).
Revenue growth spanned all segments, with Infrastructure rising by 1%, Mobility Solutions marking a historic 23% growth, Managed Solutions reporting a 2% increase, and Data Solutions growing by 6%. Yahsat’s fleet renewal, the procurement of two new satellites, Al Yah 4 and Al Yah 5, and the upcoming Thuraya 4 launch in H2 2024 position the company for substantial growth opportunities, according to Arabian Business.
