Al Yah Satellite Communications Company PJSC

The Al Yah Satellite Communications Company PJSC has released its consolidated reports and financial statements for the periods ending 31 December 2020 and 31 December 2023. The documents were verified through DocuSign with Envelope ID: 546641D2-1400-4CAD-9197-74BEB3B58E4E.

Yahsat, the UAE's flagship satellite solutions provider, has reported its strongest ever financial results for 2023. Revenue grew by 6% compared to the previous year, reaching a record AED 1.7 billion (USD 457 million). Adjusted for material, one-time items, the company's EBITDA grew by 5% to a record AED 996 million (USD 271 million), while net income grew by 9% to a record AED 424 million (USD 116 million). All operating segments of the Group saw revenue growth for the first time since the company's IPO in July 2021. Contracted future revenues reached AED 25.1 billion (USD 6.8 billion), approximately 15 times the full year revenues.

A board meeting was held by Al Yah Satellite Communications Company PJSC on March 4, 2024, from 3.02 PM to 5.25 PM (UAE local time). Eight directors attended the meeting, achieving a quorum of 88.88%. The board approved the audited financial statements for the financial year ended December 31, 2023. They also approved to issue a recommendation for distributing a final cash dividend of AED 200,793,093 (8.23 fils per share) and approved the interim dividends declared on September 21, 2023, bringing the total cash dividend for that financial year to AED 401,586,186 (16.46 fils per share). Lastly, the board approved the agenda for the Annual General Assembly Meeting of the Company (AGM) and invited the AGM to virtually convene on April 25, 2024, or any other date agreed by the Securities and Commodities Authority.

On 15th February 2024, Al Yah Satellite Communications Company PJSC disclosed the results of a written resolution circulated on 14th February 2024 at 3:00 PM. Seven directors approved the resolution, which discussed general matters related to the company's activities and passed suitable decisions. The disclosure was signed by the Board Secretary, Clint Irwin Fransquinho de Barros.

The preliminary results brief for Al Yah Satellite Communications Company PJSC (Yahsat) for the year ending 31 December 2023 has been released. The company, established on 23 January 2007, has a paid-up, subscribed, and authorized capital of AED 2,439,770,265 (USD 664,334,994) each. The nominal value of each of the 2,439,770,265 shares is AED 1. The Chairman of the Board is Musabbeh Al Kaabi and the CEO is Ali Al Hashemi. The external auditor is RAi Audit and Tax Services Sole Proprietorship LLC. The company's mailing address is P.O. Box 93693, Abu Dhabi, United Arab Emirates.