Al Yah Satellite Communications Company PJSC

Al Yah Satellite Communications Company PJSC has disclosed its intention to consider and adopt a written resolution by circulation. The date of circulation is set for 17 July 2024, after 3:00 PM. The subject of the resolution is to consider general business, operational, and strategic items that do not affect the company's share price. The authorized signatory is Clint Irwin Fransquinho de Barros, the Board Secretary.

Yahsat, the UAE's leading satellite solutions provider, has chosen SpaceX to launch its new geostationary satellites, Al Yah 4 and Al Yah 5, using the Falcon 9 rocket in 2027 and 2028. This selection is part of a satellite procurement program valued at AED 3.9 billion (USD 1.1 billion), which includes spacecraft, ground infrastructure, launch, and insurance. The announcement follows a contract with Airbus to design and build the satellites, as part of an AED 18.7 billion (USD 5.1 billion) mandate from the UAE Government for satellite communications and services over 17 years. The new satellites will provide secure governmental communications across the Middle East, Africa, Europe, and Asia, replacing the older Al Yah 1 and Al Yah 2 satellites. Yahsat is publicly listed on the Abu Dhabi Securities Exchange and operates in over 150 countries.

Yahsat has contracted Airbus Defence and Space SAS to construct the Al Yah 4 and Al Yah 5 geostationary telecommunications satellites. These satellites will feature fully flexible, software-defined payloads that allow in-orbit reconfiguration of coverage area, capacity, and communication frequencies. The total program cost is expected to be around AED 3.9 billion (USD 1.1 billion). The contract also includes two Airbus ARROW spacecraft platforms for future low Earth orbit deployment. The agreement follows an earlier Authorisation-to-Proceed with Airbus and a subsequent AED 18.7 billion (USD 5.1 billion) mandate from the UAE Government for satellite communications capacity and managed services over 17 years, primarily on AY4 and AY5. The satellites will be based on the Eurostar Neo platform and will replace the older Al Yah 1 and Al Yah 2 satellites. They will provide secure governmental communications across the Middle East, Africa, Europe, and Asia. Yahsat's CEO, Ali Al Hashemi, expressed satisfaction with the contract, highlighting its importance for Yahsat's growth and the enhancement of their satellite communications capabilities. Alain Fauré, Head of Space Systems at Airbus, noted the significance of this milestone in their long-term partnership with Yahsat.

On 7 June 2024, Al Yah Satellite Communications Company PJSC disclosed the results of a written resolution circulated on 6 June 2024 at 3:00 PM. The resolution was approved by 89% of the directors. The board discussed general matters related to the company's activities and passed suitable resolutions. The document was authorized by Clint Irwin Fransquinho de Barros, the Board Secretary, and included the company’s seal.

The document is the condensed consolidated interim financial statements of Al Yah Satellite Communications Company PJSC. It covers the financial performance of the company for the three-month period ending on 31 March 2024. The data was compiled as of 31 December 2020.

Al Yah Satellite Communications Company PJSC (Yahsat), the UAE's flagship satellite solutions provider, has reported its highest ever Q1 revenue for 2024. Revenue grew 1% from the previous year to AED 371 million, while EBITDA grew 58% to AED 352 million. Net income nearly doubled to AED 194 million. On a normalised basis, EBITDA grew 7% to AED 247 million, and net income fell 8% to AED 99 million, reflecting the introduction of UAE corporate tax. Revenue growth was seen across two segments, Infrastructure and Managed Solutions. Meanwhile, the Mobility Solutions segment recorded lower revenues, and the Data Solutions segment saw a fall in revenues due to lower subscriber numbers. The company also reported strong cash generation and a strong balance sheet.