ABU DHABI: – Al Yah Satellite Communications Company (Yahsat) announced today its consolidated financial results for the first half of 2024, recording a 62 percent year-on-year (YoY) increase in net income to AED269 million
Earnings before interest, taxes, depreciation, and amortisation (EBITDA) surged 25 percent YoY to AED566 million.
Ali Al Hashemi, Group Chief Executive Officer of Yahsat, commented, ‘Yahsat has achieved another set of resilient results, demonstrating solid growth in our core government business, offsetting headwinds in our mobile satellite services segment.
‘We continue to progress toward finalising the full contract for the new US$5.1 billion Capacity and Managed Services Mandate with the UAE Government and have signed, during the last quarter, the full procurement contract with Airbus for two new satellites, Al Yah 4 and Al Yah 5. Further, we continue to work towards a successful launch of the Thuraya 4 next-generation satellite in the fourth quarter of this year, which will significa
ntly upgrade Thuraya’s capabilities and product line for many years to come.
‘Finally, we are looking forward to completing the merger with Bayanat in the second half of the year and are finalising plans for the successful integration of both companies. This merger will position the new combined entity – Space42 – as an AI-powered space technology champion in the MENA region with global reach. For the first time in our industry, we will combine advanced satcom solutions and geospatial analytics, operating communication and Earth Observation satellites across multiple orbits.’
Source: Emirates News Agency
