Abu Dhabi – Mubasher: Al Yah Satellite Communications Company (Yahsat) recorded net profits worth $68.29 million in the first half (H1) of 2024, compared to $40.88 million.

The revenues at $199.74 million in H1-24, down from $205.07 million in H1-23, according to the consolidated financial results. Basic and diluted earnings per share (EPS) climbed to $3 from $1.86.

Total assets reached $1.94 billion as of 30 June 2024, marking a drop from $1.98 billion at the end of December 2023.

Income Results for Q2

In the second quarter (Q2) of 2024, Yahsat generated $17.66 million in net profit, up year-on-year (YoY) from $15.05 million.

Revenues shrank to $98.73 million in Q2-24 from $104.71 million in Q2-23, while the EPS increased to $0.83 from $0.75.

Ali Al Hashemi, Group CEO of Yahsat, commented: “We continue to progress toward finalising the full contract for the new $5.10 billion Capacity and Managed Services Mandate with the UAE Government and have signed, during the last quarter, the full procurement contract with Airbus for two new satellites, Al Yah 4 and Al Yah 5.

“Finally, we are looking forward to completing the merger with Bayanat in the second half of the year and are finalising plans for the successful integration of both companies. This merger will position the new combined entity – Space42 – as an AI-powered space technology champion in the MENA region with global reach.

In Q1-24, the net profits attributable to the owners of Yahsat hit $52.90 million.