Al Yah Satellite Communications Company (Yahsat) logged net profits attributable to the shareholders valued at $52.90 million in the first quarter (Q1) of 2024.

The recorded net profits were higher year-on-year (YoY) than $27.07 million, according to consolidated interim financial results.

Yahsat posted 1% higher revenues at $101.01 million in Q1-24, compared to $100.35 million in Q1-23.

Basic and diluted earnings per share (EPS) amounted to $2.17 as of 31 March 2024, marking an annual growth from $1.11.

Total assets hit $2.04 billion in Q1-24, versus $1.98 billion at the end of December 2023.

Ali Al Hashemi, Group CEO of Yahsat, commented: “We continue to progress toward finalising the full contract for the new $5.1 billion Capacity and Managed Services Mandate with the UAE Government and the related procurement contract with the satellite manufacturer for two new satellites, Al Yah 4 and Al Yah 5.”

“Following the recent shareholder approval of the merger with Bayanat AI, we are now working toward completing the merger in the second half of the year and finalising plans for the successful integration of the two companies,” Al Hashemi noted.

He added: “This merger will usher in an exciting new chapter, positioning Space42 as an AI-powered space technology champion in the MENA region with global reach.

In 2023, the net profits attributable to the shareholders of Yahsat hiked to $110.36 million from $65.56 million as of 31 December 2022.

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