Abu Dhabi’s Al Yah Satellite Communications Company (Yahsat) has reported a normalised net profit of AED 99 million  ($27 million) in Q1 2024, down 8% year-on-year (YoY).

The net profit came in a shade lower than analysts’ mean estimate of $28.75 million, according to LSEG data.

Revenue for the quarter edged up 1% to AED 371 million on growth across the Infrastructure and Managed Solutions segments, the satellite solutions company said in a regulatory filing on Abu Dhabi Securities Exchange (ADX) on Tuesday.

As of Q1, contracted future revenue was AED 24.7 billion ($6.7 billion), equivalent to approximately 15 times last-twelve-month revenue and only 1% lower versus year end 2023, it added.

Ali Al Hashemi, Group CEO said following the recent shareholder approval of the merger with Bayanat, the company was working towards completing the merger in H2.

"We also continue to progress toward finalising the full contract for the new $5.1 billion Capacity and Managed Services Mandate with the UAE Government and the related procurement contract with the satellite manufacturer for two new satellites, Al Yah 4 and Al Yah 5."

(Reporting by Brinda Darasha; editing by Daniel Luiz)