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Yahsat Boosts Profit More than 50% in the First Half of 2022

By | August 11, 2022
Photo: Yahsat

Photo: Yahsat

Yahsat has seen strong increases in revenues and profits so far in 2022. Yahsat released its latest results on August 9, reporting in the six months to the end of June, it achieved revenues of 755 million Emirati Dirham ($206 million), an 8% increase compared to the same stage last year.

The company improved net profit as well. In the six months to the end of June, it achieved a net profit of AED 167 million ($45 million), an increase of over 50%  compared to the same stage last year. It has future contracted revenue of more than AED 7.7 billion ($2.1 billion), which is over five times Yahsat’s full year 2021 annual revenue.

Breaking down the results a little more, the company saw impressive performance in two of its business segments – managed solutions and mobility solutions. Revenues in mobility increased by over 24% compared to the first half of 2021. Managed solutions grew by over 35% compared to the same stage last year. It was these two segments that were largely responsible for Yahsat’s revenue growth.

“Yahsat has delivered exceptional results, recording its highest-ever first half revenue and demonstrating our performance-driven culture to deploy innovative capabilities and grow the business. Looking ahead, we remain on track to bring into commercial service our next generation satellite, Thuraya 4-NGS, in the second half of 2024 whilst two new satellites, Al Yah 4 and Al Yah 5, are under consideration for launch in 2026,” Ali Al Hashemi, CEO of Yahsat, said in a statement.