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Mubadala-owned Yahsat's mobility business secures $86mln distribution deals

October 11, 2021
finance & economy

Long-term agreements to boost company's dividend capacity

Thuraya Telecommunications Company (Thuraya), a subsidiary of Mubadala-owned satellite firm Yahsat Satellite Communications Company (Yahsat), has secured long-term distribution contracts worth 316 million dirhams ($86 million).

The deals signed by Thuraya with a global service provider are expected to strengthen the Group’s dividend capacity, Yahsat told the Abu Dhabi Securities Exchange (ADX) on Sunday.

“The agreements… add to the Group’s contracted backlog of over 7 billion dirhams, equivalent to over five times the annual revenues of 2020,” it said.

Yahsat has recently listed on ADX following an international public offering (IPO) that raised 2.68 billion dirhams. Abu Dhabi state investor Mubadala retains a 60 percent shareholding in the company.

The company is looking to capture a bigger share of the mobile satellite services (MSS) market, which is estimated to be more than 3.67 billion.

Yahsat is expected to roll out its next-generation satellite, Thuraya 4-NGS, in 2023 and commence commercial operations in 2024.

This month, the company said it is planning to add two more satellites to its fleet by 2026.

zawya

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