At the results briefing, Sats president and CEO Kerry Mok says the company was not directly affected in the early stages of the Middle East conflict, as it only has a presence in Saudi Arabia and Oman. “Due to the chaos, our Middle East operations were affected as the Gulf airline carriers cancelled their flights, which affected us because we are also their cargo handlers in Europe and the United States as well. Hence, if they are not flying, imports will be reduced, and therefore volumes are affected.”
Looking at Sats’s latest results, the company appears to tick all the boxes financially. For the year ended March 31, revenue was at a record high of $6.3 billion, which represents a growth of 9% y-o-y, while its ebitda margin improved 0.3 percentage points to 18.1%.
Patmi rose 17% y-o-y to $285.2 million, while total dividend per share increased 40% to 7 cents. The company’s shares also climbed 19 cents, or 5.64%, to close at $3.56 on May 26.
