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Yahsat increases interim dividends to AED 201m for H1-23

Yahsat increases interim dividends to AED 201m for H1-23
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Abu Dhabi – Mubasher: Al Yah Satellite Communications Company (Yahsat) announced interim cash dividends of AED 201 million ($54.70 million) for the first half (H1) of 2023, according to a press release.

Yahsat will pay out a dividend of 8.23 fils (2.24 cents) per share, which represents a growth of 2% compared to H1-22.

To be eligible for the dividend, investors must purchase shares no later than 27 September 2023.

The record and payment dates for the H1-23 dividends will be 2 and 16 October 2023, respectively.

Meanwhile, the full-year dividends will amount to at least 16.46 fils ($4.48 cents) per share, equivalent to AED 402 million ($109 million).

In line with the group’s policy to deliver attractive shareholder returns, the second and final dividend for 2023 is expected to be paid in May 2024.

However, it is still subject to the board’s proposal and shareholders’ approval at the next annual general assembly.

Musabbeh Al Kaabi, Chairman of Yahsat, commented: “Following an impressive set of H1 financial results, one of the strongest balance sheets in the industry and substantial contracted future cash flows of approximately $1.90 billion, Yahsat continues to differentiate itself amongst UAE listed stocks, delivering one of the highest dividend yields available today.”

“The board remains committed to a progressive dividend that grows by at least 2% each year, paid out semi-annually, underpinned by a pipeline of promising growth opportunities.”

In the first six months (6M) of 2023, Yahsat generated lower net profits attributable to the shareholders at $45.30 million, versus $45.36 million during the same period a year earlier.