Tech Yahsat H1 profit rises despite revenue dip By Pramod Kumar July 30, 2024, 7:14 AM Yahsat Revenue fell 3% year on year to AED734 million due to slow growth in the mobility and data solutions segments The UAE satellite provider, Al Yah Satellite Communications Company (Yahsat), said its net profit for the first half of 2024 rose 62 percent year on year despite falling revenue. Net earnings stood at AED269 million ($73 million) during the period, compared with AED166.4 million a year earlier. NewsletterGet the Best of AGBI delivered straight to your inbox every week Revenue fell 3 percent year on year to AED734 million as a result of slow growth in the mobility and data solutions segments. However, “managed solutions”, the group’s second-largest segment by revenue, rose 15 percent. The segment provides satellite communications solutions to the UAE government and related entities. Yahsat taps Musk’s SpaceX for next satellite launches Near-space balloon flights to start from Abu Dhabi next year Second-quarter profit rose to AED75 million compared with AED67 million a year earlier. Revenue declined 6 percent year on year to AED363 million. Ali Al Hashemi, the group CEO of Yahsat, said the company was nearing completion of a $5 billion managed services contract with the UAE government. He said the launch of Thuraya 4’s next-generation satellite is expected in the fourth quarter, adding that the merger with Bayanat will be finalised in the second half of the year.
