Abu Dhabi – Mubasher: The net profits attributable to the shareholders of Al Yah Satellite Communications Company (Yahsat) amounted to $27.07 million during the first quarter (Q1) of 2023.
The generated net profits were higher than $20.09 million in Q1-22, according to the consolidated interim income statements.
Yahsat posted revenues worth $100.35 million as of 31 March 2023, compared to $98.69 million in the year-ago period.
Basic and diluted earnings per share (EPS) went up to $1.11 during Q1-23 from $0.82 in Q1-22.
Meanwhile, the total assets reached $2.06 billion in Q1-23, versus $2.02 billion as of 31 December 2022.
Ali Al Hashemi, Group CEO of Yahsat, noted: “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,” Al Hashemi highlighted.
He added: “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 CEO said: “Our unique backlog of future revenues, reaching AED 7 billion ($1.90 billion) or 4.4 times last twelve-month revenues, as well as a robust balance sheet, places us in a strong position to drive our future ambitions and continue delivering sustainable long-term growth.”
Last year, Yahsat registered net profits attributable to the owners valued at $65.56 million, lower than $69.76 million in the January-December 2021 period.
