Abu Dhabi’s Al Yah Satellite Communications Company (Yahsat) has posted a profit of 73.8 million dirhams ($20 million) for the first quarter of 2022, up by 26 percent y-o-y.

In a filing on Wednesday to the Abu Dhabi Securities Exchange (ADX), where its shares trade, the satellite solutions provider reported a revenue of 362.5 million dirhams, up 9 percent versus the year-ago period.

Ali Al Hashemi, Group Chief Executive Officer of Yahsat, said the company projects contracted future revenue of 8.1 billion dirhams.

“With almost 90 percent of remaining projected revenue for the current year already secured, we remain very confident in our outlook for Yahsat and reiterate our guidance for FY2022.” 

Adjusted EBITDA for Q1 was 213.4 million dirhams, up nearly 7 percent year-on-year, with a margin of 59 percent.

 (Writing by Brinda Darasha; editing by Seban Scaria)