Abu Dhabi’s Bayanat posted 47 per cent rise in revenue for 2023, while total net profit increased by 15 per cent year-on-year for the ADX-listed provider of Al-powered geospatial solutions.
Overall, Bayanat's revenue for 2023 grew to Dh1.16 billion, while the total net profit increased to reach Dh232 million.
It primarily attributed the growth in its revenue to Smart Operations Solutions (SOPS) and Smart Space Solutions (SPAS), which provide a range of products that enhance operational efficiency and productivity by integrating Al and geospatial data into business processes for its partners.
“Net profit, as a percentage of revenue, was slightly lower compared to the previous year, due to the company’s strategic investments in talent, research and development, implementation of a product strategy and new organisational processes in line with its IPO strategy,” the company said in a statement.
Hasan Al Hosani, Managing Director of Bayanat said, “The strength of our 2023 results reinforces the success of our long-term strategic vision to invest in our core business functions. Not only have our revenues increased, we have also reached a remarkable debt-free position; our cash position is robust and our profitability remains strong. All of which places us well for the year ahead and beyond, especially following the announcement of our strategic merger with Yahsat.”