Space42 Nine-Month Net Profit Up 31 Pct

KUALA LUMPUR, Nov 12 (Bernama) -- Space42, the United Arab Emirates (UAE)-based artificial intelligence (AI)-powered space technology company, posted a 31 per cent rise in net profit to US$49 million for the nine months ended Sept 30, on revenue growth of 11 per cent to US$404 million. (US$1 = RM4.07)

Normalised earnings before interest, tax, depreciation and amortisation (EBITDA) rose 30 per cent to US$194 million, with a margin of 48 per cent, the company said in a statement.

“Space42 has delivered another outstanding performance, with both business units delivering double-digit revenue growth during the nine-month period, underpinned by a robust government business, increased demand for Earth Observation (EO) and geospatial analytics and continued strategic execution,” said Space42 Managing Director, Karim Michel Sabbagh.

Revenue at its Space Services unit rose 11 per cent to a record US$340 million, driven by government business, including a US$700 million, 15-year capacity contract that began in July 2025 after the launch of the Thuraya-4 satellite.

Its Smart Solutions unit grew revenue by 16 per cent on rising government demand for geospatial intelligence, marking its second consecutive quarter of profitable growth.

Space42 ended the period with more than US$1.3 billion in cash and a backlog of US$6.2 billion in contracted future revenue and has completed about 37 per cent of a share buyback of up to 2.5 per cent of its issued shares.

During the period, it also signed a binding agreement with Viasat to co-found Equatys, a shared satellite platform for connecting directly to mobile devices, and its first commercial agreement with South Korean autonomous driving company Autonomous A2Z to deploy self-driving vehicle solutions in the UAE.

-- BERNAMA