Abu Dhabi-based Al Yah Satellite Communications Company (Yahsat) posted Q3 2023 attributable net profit of $26.4 million (97 million dirhams) compared with a loss of $10.2 million a year-ago period.

Revenue rose 8% year-on-year (YoY) to $117 million during the quarter driven by higher equipment sales and service revenues.

The Abu Dhabi-listed satellite company’s nine-month net profit more than doubled to $72 million.

Group CEO Ali Al Hashemi said: “Our financial position, with record low leverage, has never been stronger and continues to support our attractive progressive dividend policy.”

The company is on track to grow the full-year 2023 dividend by at least 2% to $109 million based on the last closing share price, offering an annualised dividend yield of over 6%.

Although guidance for full-year revenue, adjusted EBITDA, and cash capex and investments remain unchanged, guidance for discretionary free cash flow was increased to $140-160 million from $130-150 million in 2023.

In September, Yahsat, a subsidiary of Abu Dhabi’s sovereign investment arm Mubadala Investment Company, was awarded an AED 18.7 billion 17-year services mandate by the UAE to provide satellite capacity and managed services.

(Editing by Brinda Darasha; brinda.darasha@lseg.com)