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Al Yah Satellite Communications, also known as Yahsat, has announced a 5% rise in its first-half income. The company reported a normalized profit of million for the six-month period ending in June. Additionally, its normalized adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 3% to 5 million compared to the previous year.

Yahsat’s revenue remained stable at 5 million during the first half of the year. Its infrastructure business, which provides communication capacity to the UAE government, and its data solutions business that offers satellite-based broadband services were the main drivers of revenue growth.

Ali Al Hashemi, Group Chief Executive at Yahsat, stated that the company is focused on improving business operations, profitability, and expanding both its government and commercial segments. Yahsat, founded in 2007, is a subsidiary of Mubadala Investment Company and offers satellite services in over 150 countries.

The company is well-positioned to take advantage of consolidation opportunities in the satellite industry due to its backlog of future revenues and strong balance sheet. Yahsat’s Chief Financial Officer, Andrew Cole, expects revenue growth of over 5% this year, driven by its managed solutions segment and new lines of business.

Yahsat’s contracted future revenue remains stable at .9 billion, and the company expects to grow its full-year 2023 dividend by at least 2% to 4.48 US cents per share. The company is also focused on expanding its presence in the Internet of Things sector and is actively seeking global assets.

Yahsat currently has five satellites that provide critical communications services to a wide audience. In collaboration with Bayanat, it recently launched a space program aimed at developing satellite remote sensing and earth observation capabilities within the UAE.

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