Space42, the UAE-based space tech company, has announced a 17.5% year-on-year increase in profit attributable to shareholders, reaching $118.8 million for the first nine months of 2024. The company’s performance was driven by the successful merger between telecom operator Bayanat and satellite communications firm Yahsat.
For the January–September period, Space42 reported net finance income of $17.9 million, an 18% increase compared to the same period last year. The company’s operating profit surged by 22.7% year-on-year, reaching $107.5 million. However, its revenue saw a 7.2% decline, falling to $428.5 million from $461.8 million a year earlier. Additionally, Space42’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) declined by 5.7%, totaling $229.9 million.
Despite the revenue dip, the company’s total comprehensive income attributable to shareholders rose by 3.4%, reaching $103 million. The positive performance for the nine-month period was largely attributed to the merger between Bayanat and Yahsat, which took place on October 1, 2024.
Karim Michel Sabbagh, managing director of Space42, commented on the results, saying, “As we integrate our capabilities and assets across the value chain, our strategy will focus on profitable growth. We will pursue programs that bring incremental value, invest in new capabilities, and unlock opportunities with scalable impact, particularly in areas such as direct-to-device (D2D), IoT, geospatial data capture, and advanced analytics. This will enhance our overall value proposition to governments and enterprises globally.”
