Abu Dhabi - Mubasher: Al Yah Satellite Communications Company (Yahsat) plans to disburse interim cash dividends of AED 196.60 million ($53.50 million) for the first half (H1) of 2022.
Yahsat will distribute a dividend of 8.06 fils per share (2.19 cents) on 14 October, while the record date will be on 30 September, according to a press release.
On an annual basis, the company is expected to disburse at least AED 393.30 million ($107.10 million) as dividends for 2022, marking a 2% year-on-year (YoY) growth as part of its commitment to delivering attractive shareholder returns.
Subject to the board’s recommendation and shareholders’ approval, the H2-22 dividends are expected to be paid in April 2023 in line with the group’s approved policy.
Musabbeh Al Kaabi, Chairman of Yahsat, said: “With good visibility on future earnings, and contracted future revenue exceeding AED 7.70 billion, equivalent to 5.2 times our 2021 annual revenue, we are in a solid position to continue to reward shareholders.”
Al Kaabi added: “This interim dividend reaffirms our commitment to grow the dividend by at least 2% per year, and we are on track to pay a total dividend of at least AED 393.30 million for the full year.”
Ali Al Hashemi, Group CEO of Yahsat, indicated: “Our dividend policy is well supported by strong discretionary free cash flow, which we expect to be approximately twice our full-year dividend payment for this year.”
In the January-June 2022 period, the UAE-based firm logged net profits attributable to the shareholders worth $45.36 million, an annual jump of nearly 50% from $30.10 million.