Abu Dhabi’s Al Yah Satellite Communications Company (YahSat) has announced a profit of $13.2 million for the third quarter of 2021, down by 37.8 percent from $21.2 million in the same period in 2020. 

The company began trading on the Abu Dhabi Securities Exchange (ADX) in July following its initial public offering (IPO).  

YahSat also saw its profit for the first nine months of 2021 fall to $43.3 million from $51.2 million from the year-ago period. 

Revenues were consistent at $94.11 million for third quarter of 2021 compared with $95.327 million for the same period in 2020, and $284.294 million for the first nine months of 2021 compared with $293.241 million for the same period in 2020. 

Yahsat said a final dividend of $52.5 million for 2021 is expected to be paid to all shareholders in April 2022, bringing the total dividend for the year to $105 million.

The dividend is expected to grow at least 2 percent per year, according to the company's revised dividend policy which is set to be ratified in the next annual general assembly (AGM). 

Yahsat, a subsidiary of Abu Dhabi’s sovereign investor Mubadala, said it is positioned well for future growth, with contracted future revenues reaching more than 2 billion, underpinned by new commercial and government contracts secured in the third quarter of the year. 

The company announced last month that it was reviewing plans to add two new satellites to its fleet.  

Subsidiary YahClick also announced last month that it signed a partnership with iSat Africa Ltd to expand in Africa.  

(Writing by Imogen Lillywhite; editing by Brinda Darasha) 

Imogen.Lillywhite@refinitiv.com 

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© ZAWYA 2021