Securing the future
Enabling SpaceTech solutions
Al Yah Satellite Communications Company PJSC (Yahsat) is a public company listed on the Abu Dhabi Securities Exchange. A subsidiary of Mubadala Investment Company, Yahsat offers multi-purpose satellite services to more than 150 countries across Europe, the Middle East, Africa, South America, Asia and Australasia.
Yahsat provides a wide range of fixed and mobile satellite solutions for land, maritime and aero platforms to governments, enterprises, communities and individuals in over 150 countries across Europe, the Middle East, Africa, South America, Asia and Australasia. In 2020, Yahsat commenced construction of Thuraya-4, the next generation telecommunications system, which is due to enter service in 2025.
Infrastructure
Yahsat Government Solutions
Leasing of critical satellite capacity to the UAE Government, and satellite operation services.
YahLink
IP trunking solutions, corporate networking and backhauling capacity marketed by Managed Solutions and Data Solutions.
Managed Solutions
Yahsat Government Solutions
Managed end-to-end secure communication solutions and bespoke turnkey SatCom platforms.
Mobility Solutions
Thuraya
Mobile Satellite Services for reliable direct-to-device voice and data solutions.
Data Solutions
YahClick
High-speed satellite broadband for consumer, enterprise and government users.
Broadcast Solutions
Yahlive
Premium services for broadcasters and a select choice of TV channels.
Yahsat’s fleet of five geostationary satellites reaches more than 80% of the world’s population, enabling critical communications including broadband, video broadcasting, backhauling, and mobile voice and data solutions.
Global SpaceTech leader enabling critical solutions
Covering >150 countries and potential to reach >2/3 of the world’s population1.
Well diversified satellite services ranging from narrowband, broadband, broadcast, government and remote sensing.
Deep, long-standing relationships with the UAE Government and key partners across the globe.
The UAE Government’s preferred partner
Provider of secure, mission critical connectivity services and solutions to the UAE Government.
Strong and lasting relationship underpinned by significant long-term contracts that provide visibility and security of future cash flows.
Enriching the relationship with a broad range of new satcom products and services.
Undergoing a transformational growth programme
Significant and sizeable growth opportunities across our Government and Commercial businesses.
Potential to expand and accelerate new verticals (IoT, D2D, EO) and deepen participation across the whole space value chain.
New partnerships, channels and products ready to launch ahead of Thuraya-4 launch.
High-quality asset base with 3 new satellites under construction
Fleet of five active geostationary satellites; Thuraya-4 expected to be launched in 2024 and AY 4 and AY 5 under construction.
Incorporating a wide range of technologies, including valuable Ka and L-band frequency bands.
Best-in-class ground infrastructure based in the UAE and internationally.
Industry pioneer in fast-growing emerging markets
Differentiated offering in high-growth, underserved markets, underpinned by pioneering technology.
Hybrid go-to-market model in the Middle East, Africa, Asia and Australasia, leveraging partnerships and direct-to-market channels.
Flexible and scalable capacity model with opportunity to leverage in-market differentiation for new technologies.
Proven senior leadership and supportive shareholder
Highly experienced management team with deep industry expertise and a strong track record of delivering results.
Board of Directors with diverse industry and functional expertise.
Strong backing from our majority shareholder, Mubadala.
Highly attractive and secure financial profile
~68%2 of revenue driven by highly-rated UAE Government contracts under long-term commitments.
High-margin business, strong cash flow, well-funded balance sheet and low net debt/EBITDA leverage.
Robust growth profile and growing dividend capacity with a commitment to dividend growth of at least 2% per year.
AED 7.1Bn secured backlog, resulting into higher backlog/revenue ratio in the industry.
Statements
Yahsat is entering a new phase in its momentous journey following securing its largest ever government mandate, the upcoming launch of Thuraya 4 in the second half of 2024 and the Board’s recent announcement proposing a merger with Bayanat to better capture growth as the global satellite communications sector consolidates.
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Securing the future. Delivering new SpaceTech solutions.
2023 was a year of major achievement for Yahsat. Not only did it record its strongest ever financial performance whilst continuing to meet the highest standards of operational excellence, but it was also awarded its largest ever mandate by the UAE Government. This multi-billion-dollar mandate will see the renewal and upgrade of the Group’s satellite fleet, setting the stage for a second, exciting, 17-year phase in Yahsat’s continuing success story.
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+6%
(59% margin)
(60% margin)
+5%
(25% margin)
(25% margin)
+9%
(14.9x annual revenues)
(4.6x annual revenues)
+4.8b
-14%
(16.46 fils/share)
(16.12 fils/share)
+2%
+3%
-2%
+5%
Our 2023 Year in Review
In a landmark year for Yahsat, we secured the future of the company while laying a strong and sustainable foundation for continued growth and diversification as a leader in SpaceTech, positioning the company for continued growth and value creation for all our stakeholders.
Our Business Model
Finance
Sizeable contracted future revenue providing visibility and security on top line revenue and dividends.
Lean cost structure with strong cost discipline across business.
Stringent capital allocation with robust governance.
High cash conversion ratio.
Robust capital structure – strong balance sheet, low net debt and low leverage.
Spectrum
~200 active ITU filings to support future missions and strategy.
Good access to markets across footprint.
Unique spectrum rights including valuable L-band.
Human Capital
Experienced, long-serving team with proven track record of delivering growth.
Internationally diverse and highly-specialised workforce.
Long track record of developing and attracting local talent.
UAE-based team with security clearance necessary to support government needs.
Technology & Assets
Fleet of five satellites spanning five continents.
Three new GEO satellites with enhanced coverage and the most advanced and secured FSS and MSS capabilities.
Well diversified satellite services spanning FSS, MSS, Broadcast, Government and remote sensing.
Modern ground infrastructure.
Business & Relationships
UAE’s flagship satellite operator.
Recognised industry leader, nationally and internationally.
Strong distribution presence and partnerships.
Strong relationship as a trusted partner with the UAE Government.
Deep partnerships with global industry leaders.
To be the global partner of choice for reliable, innovative and affordable satellite solutions.
To deliver exceptional value to our customers, shareholders and partners by focusing on the following:
Quality
Being an industry centre of excellence for our customers and partners by offering innovative, reliable and affordable satellite solutions.
Human Capital
Empowering our employees to succeed and become proud role models in their communities.
Growth
Anticipating and fulfilling the satellite communications needs of governments, enterprises, communities and individuals across our footprint.
A leading fixed and mobile satellite services operator offering integrated satellite communications solutions to over 150 countries.
Enabling critical communications including broadband, broadcasting, backhauling, and mobile voice and data solutions.
Wide range of C, Ku, Ka, and L-band solutions for land, maritime and aero platforms to governments, enterprises, communities and individuals.
A fleet of five satellites, reaching more than two-thirds of the worlds population, with three more under construction.
Al Yah 1
Al Yah 2
Al Yah 3
Al Yah 4
(under construction)
Al Yah 5
(under construction)
Thuraya-2
Thuraya-3
Thuraya-4
(under construction)
Leasing of critical satellite capacity to the UAE Government, and satellite operation services.
Secured end-to-end managed solutions and bespoke turnkey SatCom platforms
Our values underpin everything we do:
Respect
Reliability
Agility
Customer Focus
Creativity
Our Customers
(Governments, enterprises, communities and individuals)
Secured, reliable and multi-purpose connectivity solutions.
Satellite solutions to connect the unconnected across more than 150 countries.
Strategic and sovereign advanced satellite solutions for the UAE Government.
Enriched and value-added solutions.
Countries covered
150+
Our Employees
Exciting technical and business work environment to develop and maximise potential.
Progression, learning, diversity and inclusion.
Strong leadership, experience and opportunity for growth.
Number of nationalities
46
Our Shareholders
Attractive and progressive dividends.
Solid investment opportunity reinforced with long-term AA+ customer contracts.
Optionality on growth with value creation opportunities.
Adjusted EBITDA
US$ 271m
Our Nation
Supporting the development of UAE Nationals and a powerful UAE space sector.
Contributing to the Abu Dhabi 2030 Vision.
Enhancing the national economy by partnering and creating new opportunities.
Emiratisation1
52%
1 Emiratisation excluding third party contractors.
Our Strategy
- Solidify our core business to deliver more missions, more solutions and more value.
- Enrich and expand our portfolio of government products, solutions and services.
- Diversify our government business to more entities in the UAE, including civil, and penetrate more strategic international markets.
- Continue to develop value accretive adjacencies (e.g. remote sensing, ICT services) to solidify our core proposition..
- Build on position as the UAE’s flagship satellite operator.
- Differentiate through unique products and value-added solutions.
- Accelerate commercial business across Managed Solutions, Mobility Solutions and Data Solutions.
- Actively expand into new and disruptive commercial opportunities, such as IoT/M2M and direct-to-device satellite connectivity.
- Capitalise on the increasingly critical role played by satellites in the global connectivity and applications ecosystem.
- Participate in high growth markets and opportunities (e.g D2D, LEO, IoT).
- Drive strategic partnerships to invest and diversify into adjacent service areas to better serve customers.
- Awarded new AY 4 and AY 5 mandate with the UAE Government worth US$ 5.1billion contract over 17 years.
- Accelerated the remote sensing partnership together with Bayanat and ICEYE involving the ordering of 7 SAR satellites.
- Awarded new contracts to enable UAE Government platforms with SatCom capabilities and provide an integrated system and ground control services.
- Provided additional satellite connectivity services to a major oil & gas customer in the UAE to enable critical connectivity and reliable network capabilities.
- Solidified position as a satellite centre of excellence through talent attraction and retention as well as development of national expertise.
- Accelerated commercial business lines and signed new customers for both FSS and MSS solutions.
- Explored opportunity to provide maritime Satcom solutions to ADNOC Logistics’ regional vessels and conducted successful proof of concept.
- Evolved Go-To-Market model with new distribution agreements, including establishment of new partnerships to address multiple verticals including government, maritime and aero.
- Launched new products (e.g. maritime tracking and monitoring) and strengthened foundation for future strategic growth portfolio (maritime, IoT, government, enterprise) with new products under development that will be compatible to next generation Thuraya-4 satellite.
- Extended our distribution network in 7 countries and signed 8 new partners thus growing our ecosystem of integrators and increasing our visibility.
- Growth in subscriber base across MEA to approximately 22,000 customers.
- Launched services in Morocco and activated capacity in several other countries in Africa.
- Signed multiple enterprise and wholesale deals, including for cellular backhaul.
- Thuraya-4 to be launched in 2024 and enter service in the second half of 2025.
- Continued partnership with eSAT Global including a complementary commercial agreement to develop a platform for low-cost low- and very-low data rate (LDR/VLDR) IoT devices with direct-to-satellite connectivity using GEO satellites.
- Exploring organic opportunities with terminal manufacturers to enhance our direct-to-device proposition.
- Agreement with ADASI, a subsidiary of EDGE Group, the UAE’s defence industry conglomerate, to line-fit REACH-S UAV platform with advanced satellite communications solutions.
- Delivery on time of new fleet (AY 4 and AY 5).
- Successful launch of Thuraya-4 in 2024.
- Strong UAE Government centric business requires commercial acceleration to diversify.
- Continue drive towards fully managed end-to-end services that leverage on specialised internal resources to maximise margins.
- Broaden product solutions across SatCom value chain to offer integrated beyond line-of-sight and Information Communication Technology (ICT) systems.
- Continue retaining and attracting human talent with key focus on national development.
- Complete final steps of the ongoing transition from project delivery to value-add system integrator.
- Continue expansion into adjacent government entities and international government customers.
- Enhance products and services portfolio, and expand solutions and applications offering (such as an enhanced maritime vessel monitoring solution; and a new handheld dual-mode terminal targeted towards enterprise and government market).
- Accelerate strategic M2M/IoT, regional maritime and government business.
- Push into major strategic markets within coverage area and continue seeking partnerships to drive and unlock value.
- Explore potential Direct-to-Device play leveraging company’s unique L-band spectrum rights
- AY 3 capacity transition to AY 2 and leased model post 2025.
- Accelerate uptake in wholesale, enterprise and government segments and the MEA region through targeted and customized Go-To-Market models.
- Push for selective geographic expansion focusing on customized enterprise solutions and potentially leveraging interim third party capacity where required.
- Improve capacity fill rate by driving new segments and increasing market share of cellular backhaul solutions for mobile network operators.
- Seek new investment opportunities to build new capabilities across all platforms.
- Develop and launch next generation of products on Thuraya-4 platform in collaboration with technology partners.
- Launch low power low data rate IoT platform in partnership with eSAT Global.
- Embrace complementarity of NewSpace on Yahsat business to capture value and broaden scope.
- Continue current trajectory of organic and inorganic growth combined with strategic UAE partnerships, considering potential horizontal or vertical M&A to build scale and increase value proposition.
- Awarded new AY 4 and AY 5 mandate with the UAE Government worth US$ 5.1billion contract over 17 years.
- Accelerated the remote sensing partnership together with Bayanat and ICEYE involving the ordering of 7 SAR satellites.
- Awarded new contracts to enable UAE Government platforms with SatCom capabilities and provide an integrated system and ground control services.
- Provided additional satellite connectivity services to a major oil & gas customer in the UAE to enable critical connectivity and reliable network capabilities.
- Solidified position as a satellite centre of excellence through talent attraction and retention as well as development of national expertise.
Managed Solutions
- Accelerated commercial business lines and signed new customers for both FSS and MSS solutions.
- Explored opportunity to provide maritime Satcom solutions to ADNOC Logistics’ regional vessels and conducted successful proof of concept.
Mobility Solutions
- Evolved Go-To-Market model with new distribution agreements, including establishment of new partnerships to address multiple verticals including government, maritime and aero.
- Launched new products (e.g. maritime tracking and monitoring) and strengthened foundation for future strategic growth portfolio (maritime, IoT, government, enterprise) with new products under development that will be compatible to next generation Thuraya-4 satellite.
- Extended our distribution network in 7 countries and signed 8 new partners thus growing our ecosystem of integrators and increasing our visibility.
Data Solutions
- Growth in subscriber base across MEA to approximately 22,000 customers.
- Launched services in Morocco and activated capacity in several other countries in Africa.
- Signed multiple enterprise and wholesale deals, including for cellular backhaul.
- Thuraya-4 to be launched in 2024 and enter service in the second half of 2025.
- Continued partnership with eSAT Global including a complementary commercial agreement to develop a platform for low-cost low- and very-low data rate (LDR/VLDR) IoT devices with direct-to-satellite connectivity using GEO satellites.
- Exploring organic opportunities with terminal manufacturers to enhance our direct-to-device proposition.
- Agreement with ADASI, a subsidiary of EDGE Group, the UAE’s defence industry conglomerate, to line-fit REACH-S UAV platform with advanced satellite communications solutions.
- Delivery on time of new fleet (AY 4 and AY 5).
- Successful launch of Thuraya-4 in 2024.
- Strong UAE Government centric business requires commercial acceleration to diversify.
- Continue drive towards fully managed end-to-end services that leverage on specialised internal resources to maximise margins.
- Broaden product solutions across SatCom value chain to offer integrated beyond line-of-sight and Information Communication Technology (ICT) systems.
- Continue retaining and attracting human talent with key focus on national development.
Managed Solutions
- Complete final steps of the ongoing transition from project delivery to value-add system integrator.
- Continue expansion into adjacent government entities and international government customers.
Mobility Solutions
- Enhance products and services portfolio, and expand solutions and applications offering (such as an enhanced maritime vessel monitoring solution; and a new handheld dual-mode terminal targeted towards enterprise and government market).
- Accelerate strategic M2M/IoT, regional maritime and government business.
- Push into major strategic markets within coverage area and continue seeking partnerships to drive and unlock value.
- Explore potential Direct-to-Device play leveraging company’s unique L-band spectrum rights.
Data Solutions
- AY 3 capacity transition to AY 2 and leased model post 2025.
- Accelerate uptake in wholesale, enterprise and government segments and the MEA region through targeted and customized Go-To-Market models.
- Push for selective geographic expansion focusing on customized enterprise solutions and potentially leveraging interim third party capacity where required.
- Improve capacity fill rate by driving new segments and increasing market share of cellular backhaul solutions for mobile network operators.
- Seek new investment opportunities to build new capabilities across all platforms.
- Develop and launch next generation of products on Thuraya-4 platform in collaboration with technology partners.
- Launch low power low data rate IoT platform in partnership with eSAT Global.
- Embrace complementarity of NewSpace on Yahsat business to capture value and broaden scope.
- Continue current trajectory of organic and inorganic growth combined with strategic UAE partnerships, considering potential horizontal or vertical M&A to build scale and increase value proposition.
Key performance indicators
US$
457
m
US$
110
m
US$
266
m
US$
116
m
US$
271
m
US$
193
m
US$
6.8
b
Our Business Review
Yahsat provides critical Ka-band capacity leasing on its AY 1 and AY 2 satellites to the UAE Government under a long-term contract. Additionally, it provides C-band capacity leasing on its AY 1 satellite to government and enterprise customers, which is marketed by Managed Solutions and Data Solutions respectively.
- Secure end-to-end managed solutions for satellite communications, including design, consultancy, implementation, operations & maintenance. (O&M) and technology management.
- Bespoke turnkey SatCom platforms.
- Defence, government and mission-critical applications for land, sea, and air.
- Coverage in 150+ countries, reaching over 2/3 of world’s population across EMEA, Asia and Australasia.
- Serving a variety of sectors including government, consumer, enterprise and NGO, on land, at sea and in the air.
- 370+ roaming agreements globally.
- Addressing the high-growth direct-to-user mobile satellite solutions sector.
- Broad portfolio of solutions with next generation platforms being rolled out to accelerate growth across several sectors including IoT, and maritime.
It is a leading satellite internet broadband provider across Africa, Middle East, Southwest Asia, and Brazil (through a JV with Hughes Network Systems not consolidated with the segment’s results), with services delivered by its Ka-band high-throughput satellites (HTS). YahClick reaches more than 1-billion people in high-growth, emerging markets in 45 countries, offering affordable broadband solutions utilising a comprehensive network of more than 75 in-market service providers.
Infrastructure
Yahsat provides critical Ka-band capacity leasing on its AY 1 and AY 2 satellites to the UAE Government under a long-term contract. Additionally, it provides C-band capacity leasing on its AY 1 satellite to government and enterprise customers, which is marketed by Managed Solutions and Data Solutions respectively.
Managed solutions
- Secure end-to-end managed solutions for satellite communications, including design, consultancy, implementation, operations & maintenance. (O&M) and technology management.
- Bespoke turnkey SatCom platforms.
- Defence, government and mission-critical applications for land, sea, and air.
Mobility solutions
- Coverage in 150+ countries, reaching over 2/3 of world’s population across EMEA, Asia and Australasia.
- Serving a variety of sectors including government, consumer, enterprise and NGO, on land, at sea and in the air.
- 370+ roaming agreements globally.
- Addressing the high-growth direct-to-user mobile satellite solutions sector.
- Broad portfolio of solutions with next generation platforms being rolled out to accelerate growth across several sectors including IoT, and maritime.
Data solutions
It is a leading satellite internet broadband provider across Africa, Middle East, Southwest Asia, and Brazil (through a JV with Hughes Network Systems not consolidated with the segment’s results), with services delivered by its Ka-band high-throughput satellites (HTS). YahClick reaches more than 1-billion people in high-growth, emerging markets in 45 countries, offering affordable broadband solutions utilising a comprehensive network of more than 75 in-market service providers.
Our Case Studies
Sustainability
Sustainability at Yahsat
Yahsat is committed to evolving into a purpose-driven organisation and a globally recognised leader in promoting sustainable development. The company has made significant strides in embedding sustainability within its corporate ethos and decision-making framework, contributing actively to the nationwide sustainability initiatives in 2023, the UAE’s Year of Sustainability.
We are committed to operating with integrity and maintaining the highest professional and ethical standards in every aspect of our business. Through our established and evolving governance structures, we aim to ensure all our operational activities are performing as intended, including compliance with local and international regulations, improving business performance, and ensuring stakeholders interests continue to be met.
Our commitment lies in delivering cutting-edge satellite solutions that are both innovative and cost-effective to customers and communities globally. Through our technological expertise and a customer-focused mindset, we aim to not only meet but exceed customer expectations, ensuring their utmost satisfaction with our offerings. Furthermore, our goal is to establish ourselves as a pioneer in delivering dependable and swift disaster relief services. We are dedicated to bridging the digital divide by expanding connectivity and addressing the factors that have contributed to this divide.
We are committed to empowering our people by providing each employee with the necessary resources to be successful. By committing to the development of a work environment that is safe, egalitarian, and rewarding, while maintaining appropriate levels of diversity and simultaneously promoting Emiratisation, Yahsat strives to attract and retain highly talented employees.
Our unwavering commitment is to lead the way in advocating for the responsible utilisation of space and safeguarding our environment. We are dedicated to providing ongoing support to our customers, enabling them to manage their environmental footprint effectively with the assistance of our state-of-the-art satellite solutions.
We view our business partnerships as invaluable assets that have the potential to enhance sustainability throughout our value chain and help mitigate operational risks. Our commitment lies in fostering strategic business partnerships that align with our Sustainability Framework and promote sustainable procurement goals and practices.
We are committed to operating with integrity and maintaining the highest professional and ethical standards in every aspect of our business. Through our established and evolving governance structures, we aim to ensure all our operational activities are performing as intended, including compliance with local and international regulations, improving business performance, and ensuring stakeholders interests continue to be met.
Our commitment lies in delivering cutting-edge satellite solutions that are both innovative and cost-effective to customers and communities globally. Through our technological expertise and a customer-focused mindset, we aim to not only meet but exceed customer expectations, ensuring their utmost satisfaction with our offerings. Furthermore, our goal is to establish ourselves as a pioneer in delivering dependable and swift disaster relief services. We are dedicated to bridging the digital divide by expanding connectivity and addressing the factors that have contributed to this divide.
We are committed to empowering our people by providing each employee with the necessary resources to be successful. By committing to the development of a work environment that is safe, egalitarian, and rewarding, while maintaining appropriate levels of diversity and simultaneously promoting Emiratisation, Yahsat strives to attract and retain highly talented employees.
Our unwavering commitment is to lead the way in advocating for the responsible utilisation of space and safeguarding our environment. We are dedicated to providing ongoing support to our customers, enabling them to manage their environmental footprint effectively with the assistance of our state-of-the-art satellite solutions.
We view our business partnerships as invaluable assets that have the potential to enhance sustainability throughout our value chain and help mitigate operational risks. Our commitment lies in fostering strategic business partnerships that align with our Sustainability Framework and promote sustainable procurement goals and practices.
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