The Al Yah Satellite Communications Company released its financial results for the three months ending March 31, 2022 today. Yahsat recorded revenue of Dh362.5 million [$98.7 million] in the first quarter, up 9.4% from the previous year.
All business segments did well, with Managed Solutions and Mobility Solutions performing particularly well, increasing by 26.0 percent and 45.4 percent, respectively.
“Yahsat has had an amazing start to 2022 with considerable year-on-year growth in revenue, adjusted EBITDA, and net income,” stated Ali Al Hashemi, group chief executive officer of Yahsat. We strengthened our foundations for long-term sustainable growth with the recent award of a five-year managed services mandate from the UAE Government, reinforcing our position as its preferred satellite solutions partner, and now show contracted future revenue of Dh8.1 billion ($2.2 billion), 5.4 times our annual revenue.
“With nearly 90% of the remaining planned income for the current year already secured, we remain highly optimistic about Yahsat’s prospects and reiterate our FY2022 guidance.”
Future revenue has increased by 8.6% since the beginning of the financial year and by 47.3 percent since the beginning of 2021, thanks to the UAE Government’s recent 5-year Dh908.9 million [$247.5 million] managed services mandate.
Adjusted EBITDA climbed 6.8% year on year to Dh213.4 million [$58.1 million], resulting in a respectable margin of 58.9%. Net income (profit attributable to shareholders) increased by 26.4 percent year on year to Dh73.8 million [$20.1 million], resulting in a greater net income margin of 20.4 percent vs 17.6 percent in the prior year.
