{"id":101200,"date":"2025-02-28T00:00:00","date_gmt":"2025-02-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/space42-reports-net-income-of-usd-166-mn-in-2024\/"},"modified":"2025-02-28T00:00:00","modified_gmt":"2025-02-28T00:00:00","slug":"space42-reports-net-income-of-usd-166-mn-in-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/02\/28\/space42-reports-net-income-of-usd-166-mn-in-2024\/","title":{"rendered":"Space42 reports net income of USD 166 mn in 2024"},"content":{"rendered":"

AI<\/strong>-powered space technology firm Space42 reported a net in<\/strong>come of USD 166 mn <\/strong>in 2024<\/strong>, a 4.6% decline from USD 174 mn in 2023, largely due to the introduction of UAE corporate tax, according to its earnings release (pdf)<\/a>. Net income rose 5% y-o-y before taxes. Revenue stood at USD 629 mn, down 19% due to timing shifts in a key Bayanat Smart Solutions program and a service anomaly with Thuraya-3.<\/p>\n

REFRESHER-<\/strong> Formed through the October<\/a> 2024 merger of Bayanat and Al Yah Satellite Communications (Yahsat), Space42 integrates satellite communications, geospatial analytics, and AI. Bayanat holds a 54% stake, while Yahsat owns the remainder. Major shareholders include G42, Mubadala, and International Holding Company.<\/p>\n

Space42 has been busy: <\/strong>Since the merger, the company has launched two satellites \u2014 Foresight-1<\/a> and Thuraya 4<\/a> \u2014 kicked off the second phase of its Foresight satellite constellation<\/a>, and formed a joint venture<\/a> with Edge\u2019s space unit Fada<\/a> to develop the UAE\u2019s first sovereign Earth Observation ecosystem. It also secured an AED 18.7 bn contract with the UAE government<\/a> to extend its services by 17 years, including AED 3.7 bn in advance payments for the construction of Al Yah 4 and Al Yah 5, set to launch in 2027 and 2028.<\/p>\n

Looking ahead:<\/strong> The company is backed by a robust contracted revenue backlog exceeding USD 7 bn \u2014 equivalent to 11x its full-year revenue \u2014 anchored by its agreement with the UAE government. \u201cWe are well positioned to develop the next generation of non-terrestrial networks,\u201d Managing Director Karim Michel Sabbagh said.<\/p>\n

The company plans to focus on five key pillars<\/strong> \u2014 programmatic growth, implementing its Foresight system, investing in talent, expanding globally in SatCom and Earth Observation, and optimizing operations and capital allocation to maximize shareholder value, the release reads.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company posted revenue of USD 629 mn last year<\/p>\n","protected":false},"author":1,"featured_media":101201,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1596],"tags":[237,7,397,492],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-101200","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-enterpriseam-uae","tag-space","tag-space42","wpautop","entry"],"acf":{"mongo_id":"f1179396-161e-45ab-a8f0-dbe5655023f0","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/1598.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Space42 reports net income of USD 166 mn in 2024","related_issue":[101186],"teaser":"The company posted revenue of USD 629 mn last year","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/2\/.d0912f0d-2629-46d3-9473-a5d65c5ef132.mp3"},"yoast_head":"\nSpace42 reports net income of USD 166 mn in 2024 - 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