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Abu Dhabi’s Al Yah Satellite Communications Company (Yahsat) has posted a net profit attributable to shareholders of $20.36 million for Q2 2024, 12% higher versus $18.23 million in the year-ago period.
The net profit came well below analysts’ mean estimate of $26.41 million, according to LSEG data.
Revenue for the period was $98.73 million, versus $105 million in the prior-year period.
For half-year 2024, the satellite solutions provider reported a normalised net profit of $48 million, flat versus the same period in 2023 "due to higher net finance income absorbing higher depreciation and the impact of the introduction of UAE corporate tax".
Revenue for H1 was $200 million, 3% lower year-on-year, a statement on ADX said on Tuesday.
The company has contracted future revenue of $6.7 billion, equivalent to approximately 15 times last-twelve-month revenue and 2% lower versus the beginning of 2024.
Yahsat reiterated the full-year guidance for revenue, EBITDA and cash flow. Capex has been revised lower to between $400-420 million.
(Reporting by Brinda Darasha; editing by Seban Scaria)