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The Abu Dhabi satellite services company, Yahsat, reported a total revenue of Dh753 million in the first half of 2023, which remained flat compared to the previous year. However, the net profit saw a significant increase of 5%, reaching Dh175 million. This boost in profitability also helped raise Yahsat’s overall margins from 22% in 2022 to 23%.

One notable highlight is that Yahsat’s contracted revenues reached Dh7 billion, which is 4.4 times higher than the previous 12-month period, indicating promising growth for the company.

As a result, Yahsat has decided to increase its dividend for 2023 by at least 2%, amounting to 16.46 fils per share or Dh402 million in total. This implies an annualized dividend yield of over 6%, making it one of the highest among UAE listed stocks.

According to Ali Al Hashemi, Group CEO, the satellite industry is experiencing significant investments and the development of new business models. These factors are driving industry consolidation and the emergence of larger and stronger players. Yahsat is well-positioned to take advantage of these developments due to its unique backlog of future revenues and its strong balance sheet.

Yahsat operates various divisions, including communications capacity services for the UAE government and satellite-based broadband data solutions. The company anticipates continued growth and success in the satellite industry, leveraging its strong market position and reliable financial standing.

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