Revenues surged to Dh1 billion at the close of third quarter.
Al Yah Satellite Communications Company (Yahsat) on Sunday reported a net profit of Dh159 million for the first nine months of 2021.
The top line continued to gain momentum with revenue for the nine months of Dh1 billion [USD 284.3 million], which is broadly in line with prior year, demonstrating a strong and sustained performance since Q1 2021.
A strong pipeline across all business lines is set to support further revenue growth, with a number of new Commercial and Government contracts secured and further significant deals already signed as of the date of this announcement.
Yahsat maintained an adjusted EBITDA [earnings before interest, taxes, depreciation, and amortization] margin above 60 per cent, with Adjusted EBITDA for the nine months of Dh628.3 million.
Underpinning the nine month 2021 results was a resilient Q3 performance, with revenues broadly stable (approximately 1 per cent lower than Q3 2020) and a notable increase in profitability, with Normalised adjusted EBITDA up by Dh28.9 million.
Yahsat maintained a high cash conversion ratio of approximately 97 per cent for the period ended 30 September 2021, driven by low maintenance related capital expenditure.
(Except for the headline, this story has not been edited by The Finance World staff and is published from a syndicated feed.)
