(MENAFN- Khaleej Times) Bayanat, an ADX-listed public company and leading provider of Al-powered geospatial solutions, on Tuesday announced strong revenue growth in 2023.
Overall, Bayanat's revenue for 2023 grew by 47% (or Dh371 million), while the total net profit increased by 15% (or Dh30 million) year-on-year in absolute value. 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 organizational processes in line with its IPO strategy.
Bayanat continued to improve its strong balance sheet position with asset acquisitions that will pave the way for sustainable, future revenue growth across existing and new areas of business. Bayanat has also attained a zero-debt position in 2023.
The growth in revenue was largely driven by Bayanat's 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.
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.”
In December 2023, Bayanat and Yahsat announced that their respective Boards of Directors unanimously voted to recommend to shareholders a merger of the two Abu Dhabi-headquartered and ADX-listed entities. Once final, this merger would make the combined entity, Space42, one of the most valuable publicly listed space companies in the world by market capitalization, with additional potential for significant global growth and synergies.
The full set of financial disclosures, including a more detailed report that clearly defines capitalized terms used in this press release, can be found on the investor relations section of the company's website.
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