Increased 8.1% to 755 million dirhams
Yahsat records the highest revenues in its history during the first half
The company enjoys a strong financial position.
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Al Yah Satellite Communications Company (Yahsat) announced yesterday its financial results for the first half of this year, achieving the highest revenues in its history.
The company stated in a statement that revenues increased by 8.1% on an annual basis, to reach 755 million dirhams, supported by two-tenths growth in managed and mobile solutions, while adjusted earnings before interest, taxes, depreciation and amortization increased by 5.3% on an annual basis, to reach 448 million. AED, with a strong profit margin of 59.3%.
Net profit grew to AED 167 million, an increase of 50.7% year-on-year, which contributed to a strong net profit margin of 22.1%.
The contracted future revenues exceeded 7.7 billion dirhams, equivalent to 5.2 times the annual revenues for the fiscal year 2021. The group enjoys a strong financial position and excellent prospects for future cash flows, which enhances its ability to invest in growth, and maintain an attractive dividend policy.
The group is moving at a steady pace to increase the dividend for the fiscal year 2022 by at least 2%, to reach 16.12 fils per share, or 393 million dirhams, to be paid in two equal installments, and it is expected to be paid in October 2022 and May 2023.
Yahsat Group Chairman, Musabah Al Kaabi, said: “We are pleased to announce the highest revenues in the group’s history in the first half of 2022, and adjusted EBITDA growth, with net profit growth, despite the challenges facing the group. faced by the global economy, which confirms the strength of our business supported by future contracted revenues, and the positive momentum in all operating sectors.”
In turn, Ali Al Hashemi, CEO of Yahsat Group, said, "The group achieved exceptional results, recording the highest revenues in its history in the first half of 2022, which reflects our culture based on outstanding performance to provide innovative capabilities and business development in 2021."
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