Yahsat Group’s board of directors recommended a 2022 dividend of 16.12 fils per share, or 393 million dirhams, a 2% increase over 2021. 50% of this amount was paid as interim dividend in October 2022. And the remaining amount is expected to be paid as dividend. The final dividend in May 2023 is subject to shareholder approval at next year’s general meeting.
Cash dividends to shareholders in the second half will be 8.06% in cash or equal to 8.06 bils per share, totaling 196.65 million dirhams. It will be approved by the General Assembly on April 5, 2023.
Yahsat Group Chairman Musabah Al Kaabi said: “The Board of Directors is pleased to recommend a final dividend of 16.12 fils for the full year. Based on the company’s current share price, this represents an annual dividend yield of over 6%, one of the highest rates offered by any listed company in the UAE. We expect to increase dividend payouts by at least 2% annually, confirming the board of directors’ confidence in the company’s future growth potential and long-term cash flow prospects.
- Revenue and Profit
Yahsat achieved strong growth in revenue and adjusted EBITDA in 2022, up 6% and 7% year-over-year, respectively, meeting and exceeding targets for financial indicator ranges.
The Group’s positive performance was mainly supported by the Managed Solutions business, which delivered exceptional results in each quarter of the year and achieved a significant increase in revenue of 41% year-on-year to AED 333 million. The infrastructure sector, the group’s largest business sector, continued to achieve stable and expected returns as it posted revenues of 872 million dirhams, an increase of 1% over 2021.
Revenue increased 6% year-on-year to AED 1.6 billion, driven by strong growth of 41% in managed solutions and steady performance in infrastructure and mobile solutions.
Grow Adjusted EBITDA by 7% year-on-year to AED 946 million and achieve a strong profit margin of 60%.
Net printed income grew 31% year-on-year to AED 390 million, achieving a strong margin of 25%.
The contracted future revenues are 7.3 billion dirhams, which is equivalent to 4.6 times the annual revenue for 2022.
The group has a strong financial position with a negative level of net debt, and a better outlook for future cash flows, which enhances its ability to invest in growth and maintain an attractive dividend policy.
For his part, Ali Al Hashemi, CEO of Yahsat Group, said: “We have great confidence in the strength and flexibility of the group, as it has a strong financial position and amasses large future revenues estimated at 7.3 billion dirhams. It offers IoT solutions, offshore platform solutions and data for government and corporate clients. This gives the company the ability to invest in and capture future opportunities for growth in sectors, and leverage our multiple strengths to drive long-term sustainable growth.
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