Abu Dhabi – Mubasher: Al Yah Satellite Communications Company (Yahsat) achieved net profits attributable to the owners valued at $71.75 million in the first nine months (9M) of 2023, up year-on-year (YoY) from $35.14 million.
The revenues increased to $322.55 million as of 30 September 2023 from $314.58 million in 9M-22, according to the interim financial results.
Basic and diluted earnings per share (EPS) hit $2.94 in 9M-23, compared to $1.44 in the year-ago period.
Financial Statements for Q3-23
In the third quarter (Q3) of 2023, the ADX-listed company shifted to net profits attributable to the shareholders valued at $26.44 million, against net losses of $10.21 million in July-September 2022.
Revenues enlarged to $117.48 million in Q3-23 from $109.31 million in Q3-22. Meanwhile, the basic and diluted EPS amounted to $1.08, versus a loss per share of $0.42 a year earlier.
Ali Al Hashemi, Group CEO of Yahsat, commented: “Our reported revenue growth for the nine-month period underpinned by one of the strongest third quarters on record has resulted in improved financial guidance for 2023 and means that we are well positioned to record our strongest ever performance for the full year.”
“The construction of the Thuraya-4 NGS satellite remains on track for launch in 2024 and entry into service in H1-25, with new advanced capabilities that will allow us to offer additional applications to our customers,” Al Hashemi underlined.
“Our largest ever contract award during the quarter – an AED 18.70 billion [$5.10 billion] satellite capacity and managed services mandate from the UAE Government that includes the procurement of two new satellites, Al Yah 4 and Al Yah 5, has propelled our contracted future revenues to an all-time high and will support our core government business going forward whilst securing significant predictable cashflows all the way out to 2043.”
