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Yahsat's net profits decrease in 9M

Yahsat's net profits decrease in 9M
The company generated revenues of $284.294 million
Yahsat
YAHSAT
-0.45% 2.20 -0.01

Abu Dhabi - Mubasher: The net profits attributable to the shareholders of Al Yah Satellite Communications Company (Yahsat) declined to $43.296 million in the first nine months of 2021, compared to $51.75 million in the same nine months of 2020, as shown by the company's consolidated interim financials for the nine-month period ended 30 September 2021.

The company generated revenues of $284.294 million in the January-September period of 2021, down from $293.241 million in the corresponding period of 2020.

The company's adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) retreated to $171.086 million in the first nine months of 2021 from $185.004 million in the year-ago period.

The basic and diluted earnings per share (EPS) stood at $0.018 in the first nine months of 2021, versus $0.021 in the same period of 2020.

During the third quarter (Q3) of 2021, the company's net profits amounted to $13.197 million, compared to $21.218 million in the corresponding quarter of the earlier year.

In October, the board proposed to distribute semi-annual dividends, subject to shareholders’ approval.

A final dividend of AED 192.8 million ($52.5 million) for 2021 is expected to be paid to all shareholders in April 2022, raising the total dividend for 2021 to AED 385.6 million ($105 million).

The dividend is expected to grow by at least 2% per year.

Commenting on the company's performance, the CEO at Yahsat, Ali Al Hashemi, said: "We are laying the foundations for future growth, by signing new deals across our Commercial and Government businesses, which add to our contracted future revenues and underpin our commitment to a progressive dividend."

Al Hashemi remarked: "We remain on track to achieve all our strategic objectives, financially and operationally, supported by the rapid post-pandemic recovery of our business segments globally."