Bayanat reports 47 % annual revenue growth

Bayanat reports 47 % annual revenue growth

Abu Dhabi, UAE: - Bayanat (ADX: BAYANAT), an ADX-listed public company and leading provider of Al-powered geospatial solutions, today announced strong revenue growth in 2023.

Overall, Bayanat's revenue for 2023 grew by 47% (or AED 371 million), while the total net profit increased by 15% (or AED 30 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