Dubai: The Abu Dhabi owned satellite solutions firm YahSat delivered its highest ever net profit of Dh256.2 million, which was built on revenues of Dh1.49 billion. The gains were brought on by what the company says was an ‘exceptional’ fourth quarter, in which revenues gained 7.9 per cent.
Compared with 2020 results, YahSat's revenues last year were flat, while profit was up 1.2 per cent.
This is where a series of new project wins during the final three months of 2021 helped. According to Ali Al Hashemi, Group CEO of Yahsat, “After a successful listing on ADX in July 2021, Yahsat continued to deliver on its promises, driven by a remarkable performance in Q4-21. Throughout the year, we maintained significant momentum across the business, growing our contracted future revenues by more than 35 per cent.
“We were able to leverage the resurgence in government projects supported by the economic recovery and establish a raft of new partnerships. Importantly, we also continued to diversify our customer base, in both government and commercial segments, including penetration into key industrial verticals.
“This momentum positions us well for success in 2022, with approximately 70 per cent of our projected revenues for the year already secured.”
