Abu Dhabi: Al Yah Satellite Communications Company (Yahsat) on Sunday reported a net profit of Dh159 million for the first nine months of 2021.
The top line continued to gain momentum with revenue for the nine months of Dh1 billion [USD 284.3 million], which is broadly in line with prior year, demonstrating a strong and sustained performance since Q1 2021.
A strong pipeline across all business lines is set to support further revenue growth, with a number of new Commercial and Government contracts secured and further significant deals already signed as of the date of this announcement.
Yahsat maintained an adjusted EBITDA [earnings before interest, taxes, depreciation, and amortization] margin above 60 per cent, with Adjusted EBITDA for the nine months of Dh628.3 million.
Underpinning the nine month 2021 results was a resilient Q3 performance, with revenues broadly stable (approximately 1 per cent lower than Q3 2020) and a notable increase in profitability, with Normalised adjusted EBITDA up by Dh28.9 million.
Yahsat maintained a high cash conversion ratio of approximately 97 per cent for the period ended 30 September 2021, driven by low maintenance related capital expenditure.