The company's strong nine-month performance was driven by the successful merger between telecom operator Bayanat and satellite communications firm Yahsat.
UAE-based space tech company Space42 reported a 17.5% year-on-year rise in its profit attributable to shareholders to $118.8m for the first nine months (9M) of 2024.
The Abu Dhabi-headquartered firm’s net finance income for the JanuarySeptember period came to $17.9m, approximately 18% higher than it paid for the first nine months of last year. Its operating profit jumped 22.7% year-on-year to $107.5m. However, the company also reported a 7.2% decline in revenue. Revenue fell to $428.5m from $461.8m for the same period a year ago, showed a company filing on the Abu Dhabi Securities Exchange (ADX). Its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) was down 5.7% year-on-year to $229.9m for the period ended September 30, 2024.
Overall, Space42’s total comprehensive income attributable to its shareholders was up 3.4% to $103m million. The company’s strong nine-month performance was driven by the successful merger between telecom operator Bayanat and satellite communications firm Yahsat on October 1, 2024, it noted in the bourse filing.
Commenting on the results, Karim Michel Sabbagh, managing director of Space42, said: As we integrate our capabilities and assets across the value chain, our strategy will be firmly focused on profitable growth, pursuing programs that bring incremental value and where we can sustain a distinct advantage, investing in new capabilities and unlocking opportunities which can be materially scaled.
We have a clear strategic roadmap to drive profitable growth, leveraging our strengths and building new capabilities to prosecute accretive opportunities in areas such as direct-to-device (D2D), IoT, geospatial data capture and advanced analytics, enhancing our overall value proposition to governments and enterprises across the globe.”
