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Yahsat’s profits to owners down in H1-23

Yahsat’s profits to owners down in H1-23
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3.37% 2.15 0.07

Abu Dhabi – Mubasher: Al Yah Satellite Communications Company (Yahsat) posted net profits attributable to the shareholders worth $45.30 million in the first half (H1) of 2023, an annual drop from $45.36 million.

The revenues edged down by 0.20% to $205.07 million during the January-June 2023 period from $205.56 million in H1-22, according to the income statements.

Basic and diluted earnings per share (EPS) remained unchanged at $1.86 in the first six months (6M) of 2023.

Financial Results for Q2-23

During the second quarter (Q2) of 2023, Yahsat generated $18.23 million in net profit attributable to the owners, lower by 28% year-on-year (YoY) than $25.26 million.

Revenues declined by 2% to $104.71 million in Q2-23 from $106.87 million in Q2-22, while the basic and diluted EPS retreated to $0.75 from $1.04.

Ali Al Hashemi, Group CEO of Yahsat, commented: “In addition to completing the Thuraya-4 NGS satellite procurement programme, which remains on track to be launched in H1-24, we have signed an Authorization-to-Proceed (ATP) with Airbus, a long-time partner of Yahsat, to commence initial activities relating to the procurement of the Al Yah 4 and Al Yah5 satellites.”

“In parallel, we are in advanced negotiations with the UAE government to secure a long-term contract that would significantly increase and extend our backlog of contracted revenues beyond 2040,” Al Hashemi continued.

The CEO also highlighted: “We have also commenced work on establishing a formal partnership with Bayanat to offer Earth Observation (EO) capabilities using, in the first phase, synthetic aperture radar (SAR) technology, which provides higher resolution data than conventional sensors.”

“This partnership aims to develop a constellation of five satellites, with the first satellite expected to be launched in H1-24, which will further diversify our current portfolio of fixed and mobile satellite communication services from GEO orbits and expand it to include Earth observation services from LEO orbits,” he elaborated.

As of 31 March 2023, the ADX-listed firm registered higher net profits attributable to the equityholders at $27.07 million, compared to $20.09 million in Q1-22.