New dividend policy to be presented for approval at the companys next Annual General Meeting in December.
Yahsat’s Board of Directors has approved a proposal from its senior management to update its dividend policy to allow the payment of dividends on a semi-annual basis. The proposal reflects managements confidence in the financial strength of the business, a positive outlook on cash flow and Yahsats ability to fund future investments.
The proposal will be presented to all shareholders for approval during Yahsats Annual General Meeting (AGM) in respect of the financial year ending December 31, 2021, following customary SCA approval of the AGM agenda.
The proposed semi-annual dividend policy aligns with Yahsats commitment to maximising shareholders returns, while recognising the growing scale and enhanced financial profile following the Group’s recent deals, and is underpinned by the Group’s robust balance sheet and ability to pay consistent dividends.
Ali Al Hashemi, Chief Executive Officer of Yahsat, said: Yahsats excellent visibility on future revenues, its high levels of profitability and cash flow generation present a highly attractive financial profile that underpins our robust and growing dividend capacity. Creating shareholder value is paramount, through a combination of healthy and regular dividend payments while continuing to execute a clearly defined growth strategy. The dividend policy places Yahsat as one of the highest yielding companies listed on ADX at the current share price.