Thuraya secures AED316 million distribution contracts
(10 Oct 2021) Al Yah Satellite Communications Company PJSC announced that its Mobile Satellite Services (MSS) subsidiary, Thuraya Telecommunications Company PJSC has secured long-tem agreements with a global service provider for a total value in excess of AED316 million (US$86 million) over the next three years.
The agreements strengthen the Group's robust and growing dividend capacity and add to the Group's contracted backlog of over AED7 billion (US$1.9 billion), equivalent to over five times the annual revenues of 2020. With stable and consistent cash flows, Yahsat is well on track to launch Thuraya 4-NGS, the next-generation satellite system (T4-NGS), in 2023 and commence commercial operations in 2024.
The total annual retail MSS market where Thuraya operates is estimated to be more than AED3.67 billion (US$1 billion) and forecasted to grow at around 4% annually. Yahsat is set to capture a growing share of this market as it rolls out its next-generation satellite in the coming years.
Reference: Yahsat PR