Al Yah Satellite Communications Company reported that it generated USD 12.374 million in revenue from Africa in the nine months that ended on 30 September 2022. This revenue figure is a 48.2% increase from last year’s period.
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Yahsat’s 2022 revenue based on customers’ geographical location. Source: Yahsat
In addition, Yahsat recorded net finance costs of USD 1 million, which was a reduction of 90% as compared to the previous years. This positive change was a result of refinancing the June 2021 debt. The company also recorded a normalised net income of USD 76 million, up to 39% year on year, with a 24% margin. Net income is profit attributable to shareholders, and these high figures reflect that Yahsat is in stable financial health; this also directly correlates with the company’s profitability, which resulted in amazing financial results in the third quarter.
Highlights for the 9 months up to September 2022
- Yahsat reported a revenue of USD 315 million, an 11% increase year on year, with the strongest growth reflected in Managed solutions and Mobility Solutions.
- The company is also in a favourable financial position, which has increased visibility on future cash flows.
- Contracted future revenue of more than USD 2 billion, equivalent to 5.2 times the Financial Year 2021 annual revenue.
- Senior management appointment, On 1 July 2022, Yahsat announced the appointment of Mr Sulaiman Al Ali as Chief Commercial Officer (“CCO”). Mr Al Ali has assumed the role, having been with Yahsat for eight years, previously serving as a Director of Yahsat Government Solutions and later as CEO of Thuraya. In his new role, he leads Yahsats data solutions arm Yahclick to drive growth and create value for customers.
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Results by operating segments. Source: Yahsat.
Yahsat Data Solutions
The Data solutions component contributed 5% of group revenue, where revenue year-on-year decreased by 4.4% in 1H22. This was due to the wind down in July 2021, which contributed to USD 2 million in revenue in 1H2021.
The business attained a strong foundation for future growth with an expanding subscriber base in the consumer broadband business. This grew by 11% and 24% compared to the same period last year. Yahsat data solutions expanded across Africa. Notable projects include an agreement to connect schools in Zimbabwe and committing to cellular backhaul projects.
Speaking on the 2022 results, Ali Al Hashemi, the group CEO of Yahsat, spoke of how the company recorded its highest-ever first-half revenue, which ensured that the company was on track with their short and long-term goals. The CEO reaffirmed the company’s plan to maintain attractive dividends and continue work on their Next generation satellite.
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