Yahsat reports 48.2% revenue growth and 39% net income growth in Africa

03 February 2023

Al Yah Satellite Communications Company has reported that it generated US$12.374 million in revenue from Africa in the nine months that ended on 30 September 2022. This revenue figure is a 48.2% increase from last year’s period.

In addition, Yahsat recorded net finance costs of US$1 million, which was a reduction of 90% as compared to the previous years. This positive change was a result of refinancing the June 2021 debt. The company also recorded a normalised net income of US$76 million, up to 39% year on year, with a 24% margin.

Ali Al Hashemi, group CEO, said that the company recorded its highest-ever first-half revenue, which ensured that it is on track with their short and long-term goals. The CEO reaffirmed the company’s plan to maintain attractive dividends and continue work on their next generation satellite.