Abu Dhabi – Mubasher: Al Yah Satellite Communications Company (Yahsat) logged net profits attributable to the equityholders worth $65.56 million in 2022, an annual decline from $69.76 million.

Revenues increased by 6% year-on-year (YoY) to $432.54 million as of 31 December 2022, versus $407.56 million, according to the consolidated financial results.

The basic and diluted earnings per share (EPS) decreased to $2.68 in 2022 from $2.85 a year earlier, whereas the total assets increased to $2.02 billion from $1.86 billion.

Musabbeh Al Kaabi, Chairman of Yahsat, noted: “In a year of continued transformational change for the satellite industry and against a backdrop of global economic headwinds and tighter financial conditions, the group continues to deliver impressive top-line revenue growth.”

Al Kaabi also underlined that the company witnessed “a superior margin and healthy cash flows, positioning it to sustain and grow its dividend and invest in organic and inorganic growth opportunities.”

Dividends

Yahsat decided to pay out cash dividends worth AED 16.12 fils per share (4.39 cents), equivalent to AED 393 million ($107 million), for 2022.

The announced value, of which 50% was disbursed as interim dividends in October 2022, marks a 2% rise from 2021. Meanwhile, the remaining amount is expected to be paid as a final dividend in May 2023.

The dividends proposal is still subject to shareholders’ approval at the next annual general meeting (AGM).

Al Kaabi highlighted: “Based on Yahsat’s current share price, [the decision] implies a dividend yield of more than 6%, one of the highest yields amongst UAE-listed equities.

He added: “We expect to continue growing Yahsat’s dividends by at least 2% per year underscoring the board’s confidence in Yahsat’s future growth potential and long-term visibility of cash flows.”

In the first nine months (9M) of 2022, Yahsat generated $35.14 million in net profit attributable to the owners, down from $43.29 million in 9M-21.