The board of Al Yah Satellite Communications Company (Yahsat), partly owned by Abu Dhabi state investor Mubadala, has proposed a 2% increase in dividend, as revenues rose to more than $430 million.

Total revenue for the full year of 2022 stood at 1.6 billion UAE dirhams ($433 million), up by 6% from the previous year and driven by strong growth of the satellite company’s managed and mobility solutions businesses, Yahsat said in a statement on Tuesday.

Adjusted EBITDA rose 7% year-on-year to AED 946 million, while normalised net income went up by 31% to $106 million.

The board proposed a full-year dividend of AED 16.12 fils per share or AED 393 million, 2% higher than the prior year, of which 50% was paid as an interim dividend in October 2022.

The remaining dividend is expected to be paid in May 2023, subject to shareholder approval at the annual general meeting.

The dividend is based on Yahsat’s current share price and implies a yield of more than 6%, one of the highest among UAE-listed equities, according to Musabbeh Al Kaabi, Chairman of Yahsat.