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Image used for illustrative purpose. Mubadala satellite, Yahsat.
Satellite solutions provider Al Yah Satellite Communications Company (Yahsat) said it is on track to increase its full-year 2022 dividend by at least 2% as revenues posted double-digit growth.
Total revenue for the third quarter of the year rose 15.8% year-on-year to $109 million. Adjusted EBITDA reached more than $66.9 million, compared to $55.2 million a year earlier.
For the first nine months of 2022, revenue reached AED1.2 billion ($315 million), up 11% YoY.
Adjusted EBITDA for the period went up 10% to AED694 million, delivering a “superior” margin of 60%, the company said in a statement on Tuesday.
With its “robust financial position”, Yahsat said it could deliver higher dividend for this year.
“[The company is] on track to grow full-year 2022 dividend by at least 2% to AED16.12 fils per share or AED393 million,” Yahsat said. Half of the amount has already been paid as an interim dividend.
The company attributed its revenue growth to the positive performance of its managed solutions business, which serves the requirements of the UAE government, including related bodies and entities.
“Yahsat has delivered another excellent performance with third-quarter revenue and EBITDA growth accelerating compared to the first half of 2022,” said Ali Al Hashemi, Group CEO of Yahsat.
(Writing by Cleofe Maceda; editing by Daniel Luiz)
