Dubai: The Mubadala backed satellite company Yahsat will pay an interim dividend of Dh196.6 million by October 14. This will be for all investors holding the company’s stock as of September 30.
The payout is equivalent to 8.06 fils, and Yahsat, which currently has a sizeable order book from the UAE Government, is on track to deliver Dh393.3 million for full-year 2022. “Since our listing on ADX in 2021, we have demonstrated sustained growth and resilience in the face of challenging macroeconomic conditions," said Musabbeh Al Kaabi, Chairman.
"Our strong year-to-date performance was evident in our first-half results, when we recorded our highest-ever revenue for the period with significant growth in adjusted EBITDA and net income. With good visibility on future earnings, and contracted future revenue exceeding Dh7.7 billion - equivalent to 5.2 times our 2021 annual revenue - we are in a solid position to continue to reward shareholders."
Yahsat intends to add on to the dividend payouts by 'at least 2 per cent per year'. making it among the leading Abu Dhabi based companies to confirm calibrated annual increases.
The H2-2022 dividend will be paid by April next. Last month, with around 90 per cent of projected annual revenue for 2022 asecured, Yahsat confirmed a 'narrowing of the range of its FY2022 revenue guidance'. The Group expects annual revenues of 'at least Dh1.54 billion (and) with the upper end of the range unchanged at Dh1.61 billion'.
Our dividend policy is well supported by strong discretionary free cashflow, which we expect to be approximately twice our full-year dividend payment for this year. The strength of our business today, coupled with our confidence in future revenues and profitability, provide a solid foundation for creating shareholder value through a combination of attractive dividends and growth
