Significant help to the revenue flow was provided by the mobility solutions arm, through ‘Thuraya which recorded revenue growth of 22 per cent in these nine months. And in the July to September period, gaining 81 per cent year-on–year.
These helped Yahsat come up with net profit of Dh274 million, in line with last year, and nearly on par with the margin, at 23 per cent.
In the longer term, the company’s contracted future revenue now comes to Dh25.3 billion, or equivalent to 15.7 times last-12-month revenue. It represents a ‘multi-fold increase versus year-end 2022 of Dh7.3 billion’.
“Our financial position with record low leverage has never been stronger and continues to support our attractive progressive dividend policy,” said Ali Al Hashemi, Group CEO.
“The construction of the Thuraya-4 NGS satellite remains on track for launch in 2024 and entry into service in H1-2025, with new advanced capabilities that will allow us to offer additional applications to our customers.”
Its biggest ever contract award during the quarter was for Dh18.7 billion, covering satellite capacity and managed services mandate from the UAE Government. It includes sourcing of two new satellites, Al Yah 4 and Al Yah 5.
More to follow...
