Net income for first half of the year also surged more than 50% year-on-year
Al Yah satellite communications company in Abu Dhabi (Yahsat) reported strong performance for the first half of the year since the beginning of the year: net profit increased by 50.7% year-on-year (YoY) to 167 million dirhams (45 million US dollars).
The satellite company also recorded its highest ever revenue in the first half of the year, which reached 755 million dirhams, an increase of 8.1% year-on-year, thanks to double-digit growth in managed and mobile solutions, it said in a statement on Tuesday.
Adjusted EBITDA amounted to 448 million dirhams, an increase of 5.3% year-on-year and providing a margin of 59.3%.
With positive results, Yahsat said it is on track to increase dividends for the entire 2022 by at least 2% to 16.12 fils per share or 393 million dirhams, which will be divided into two installments due around October 2022 and May 2023.
"In light of our high performance over the past year... We reaffirm our commitment to providing attractive returns for shareholders," said Musabih Al-Kaabi, Chairman of the Management Board of Yahsat.
Results for the 2nd quarter of 2022
In the second quarter of the year, net profit attributable to shareholders reached 93 million dirhams, which is 77.9% more than a year earlier.
Revenue increased by 6.9% to 392 million dirhams, while adjusted EBITDA increased by 3.9% to 235 million dirhams.
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