Yahsat's revenue during the three-month period grew to $100m, up nearly 2% from about $26.96m in Q1 2022.
Yahsat continued to deliver year-on-year growth in revenue, EBITDA and Net Income, which increased 2%, 4% and 35% respectively during the quarter. On a normalised basis, EBITDA and Net Income surged by 8% and 46% respectively.
Q1 revenues reached AED 369m ($100m) for the first time in Yahsats history with the strong performance primarily driven by the Managed Solutions segment, which saw revenue increase significantly by 29% year-on-year to AED 72m ($20m). Infrastructure, the group’s largest business segment, continued to deliver stable and predictable returns, reporting AED 220m ($60m) in revenue for the period, 1% higher than the prior year.
A normalised EBITDA of AED 231m ($63m), was reported as well, up 8% year-on-year, delivering a superior margin of 63%. This is in addition to a normalised Net Income of AED 108m ($29m) up 46% year-on-year, generating a strong margin of 29%.
The company also reported contracted future revenue of AED 7bn ($1.9bn), equivalent to 4.4 times last-twelve-month revenue.
A robust balance sheet with negative Net Debt, strong cash position and long-term visibility of future cash flows, continues to support Yahsat’s investment in organic growth as well as opportunistic acquisitions, without impacting its progressive dividend policy.
Ali Al Hashemi, Group Chief Executive Officer of Yahsat, said: “Yahsat had a strong start to the year with a continued focus on growing both our core government business and commercial segments, whilst optimising costs across the Group. The upcoming Thuraya-4 NGS satellite, due to be launched in 2024, followed by two potential new satellites, Al Yah 4 and Al Yah 5, reinforce this direction and present unique growth opportunities.
“We are also working to progress previously announced initiatives with local and international partners targeting areas including satellite-enabled internet of things, vertical value-chain integration, satellite direct-to-device and earth observation.
“The satellite industry is witnessing substantial investments as exciting new products and applications are brought to the market whilst the largest satellite operators consolidate to confront the transforming, competitive landscape. Our unique backlog of future revenues, reaching AED 7bn ($1.9bn) or 4.4 times last twelve-month revenues, as well as a robust balance sheet place us in a strong position to drive our future ambitions and continue delivering sustainable long-term growth.”
