ANI
21 Sep 2023, 13:57 GMT+10
Abu Dhabi [UAE], September 21 (ANI/WAM): Al Yah Satellite Communications Company PJSC, listed on the Abu Dhabi Securities Exchange on Wednesday said that it will pay an interim cash dividend of 8.23 fils [USD 2.24 cents] per share, equivalent to AED 201 million [USD 54.7 million] in total for the first half of 2023.
To be eligible for the dividend, investors must purchase shares no later than September 27, 2023 (the"Last Day to Participate") or be shareholders of record as of October 2, 2023 (the "Record Date"). Interim dividends will subsequently be paid by October 16, 2023 to all eligible shareholders (the "Payment Date").
On an annualised basis, the Group is on track to deliver a dividend of at least 16.46 fils [USD 4.48 cents] per share, equivalent to AED 402 million [USD 109 million] in total for the full 2023 financial year. This represents an increase of 2 per cent over the prior year and reinforces Yahsat's commitment to deliver attractive shareholder returns. This also implies an annualised dividend yield of almost 6.5 per cent for 2023, based on the latest share price, and is amongst the highest currently offered by a listed stock in the UAE.
As per the Group's shareholder-approved policy, the second and final dividend for 2023 is expected to be paid in May 2024, subject to the Board of Directors' recommendation and shareholders' approval at the next annual general assembly.
Musabbeh Al Kaabi, Chairman of Yahsat, commented:"Following an impressive set of first-half financial results, one of the strongest balance sheets in the industry and substantial contracted future cash flows of approximately USD 1.9 billion[1], Yahsat continues to differentiate itself amongst UAE listed stocks, delivering one of the highest dividend yields available today. The Board remains committed to a progressive dividend that grows by at least two per cent each year, paid out semi-annually, underpinned by a pipeline of promising growth opportunities. As the global space industry embarks on a new phase of possibilities, Yahsat remainsthe only listed stock in the region offering investors exposure to this sector."Ali Al Hashemi, Group Chief Executive Officer of Yahsat, said:"Yahsat is entering a new phase of growth. Our Thuraya-4 NGS satellite remains on track for launch in the first half of 2024 and we have commenced procurement of the Al Yah 4 and Al Yah 5 satellites with the signing of an Authorization-to-Proceed (ATP) with Airbus earlier this year. In parallel, we are in advanced negotiations with the UAE government to secure another long-term contract that would significantly increase and extend our backlog of contracted future revenues beyond 2040, further reinforcing a progressive dividend and long-term growth story. By advancing our partnership with Bayanat to launch a constellation of Earth Observation (EO) satellites in Low Earth Orbit (LEO), we expect to complement further our diverse solutions portfolio offered through our fleet of Geosynchronous Equatorial Orbit (GEO) satellites. Yahsat remains in a strong financial position and we are excited about the future." (ANI/WAM)Get a daily dose of Munich Metro news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Munich Metro.
More InformationDUBLIN, Ireland: A tourist tore out and ate the page of his passport containing his biometric data after attacking an immigration officer...
BERLIN, Germany: Germany has taken its first significant fiscal step to jumpstart its slowing economy. This week, the cabinet approved...
WASHINGTON, D.C. Forget bucket lists; this summer, it's all about budget lists. Amid economic uncertainty and a weaker dollar, Americans...
DUBLIN, Ireland: Digital Business Ireland (DBI) has asked the Government to do more to help Ireland's digital and tech sector. This...
LONDON, UK: As global tensions rise and Europe's defense posture shifts, the UK is ramping up its military readiness with a 1.5 billion...
BELFAST, Northern Ireland: Northern Ireland's Police Ombudsman has received about 40 complaints of police predatory behavior since...
BERLIN, Germany: Germany has taken its first significant fiscal step to jumpstart its slowing economy. This week, the cabinet approved...
ISLAMABAD, Pakistan: Pakistan's army said on June 4 that its security forces raided a militant hideout and killed 14 insurgents during...
NEW YORK CITY, New York: The United Nations General Assembly has elected five countries to join the Security Council starting January...
SEOUL, South Korea: South Korea's new president, liberal Lee Jae-myung, took office on June 4 after a dramatic and chaotic few months....
LONDON, UK: As of this month, it's officially illegal to buy disposable vapes anywhere in the United Kingdom. The new ban, aimed...
SEOUL, South Korea: South Korea's upcoming presidential election has turned into a messy battle full of personal insults and scandals...