Bayanat, an Abu Dhabi-listed provider of AI-powered geospatial solutions, announced a 12% year-over-year (YoY) revenue increase for Q1 2024, reaching AED113 million ($31 million). Net profit grew by 9%, driven by market expansion and strong product offerings.
The company’s Q1 2024 financial results highlight significant growth due to its world-class AI solutions and enhanced geospatial services. Gross profit reached AED32 million with a 28% gross margin, primarily driven by Smart Operations Solutions (SOPS), Smart Mobility Solutions (SMOS), and Smart Geospatial Solutions (SGS). The integration of HAPS technology by Mira Aerospace, a joint venture with UAVOS, also contributed significantly.
Bayanat reported an EBITDA of AED8 million, representing a 7% margin, despite substantial investments in R&D and talent acquisition aimed at expanding its product portfolio and future revenue growth, aligning with its IPO strategy. Net profit after tax was AED10 million, reflecting a 9% net margin, supported by financial income from well-managed investments.
Key strategic moves included expansive agreements and partnerships, notably at the DRIFTx summit, where Bayanat showcased advancements in the SMOS segment. The company also continued its support for the Abu Dhabi Smart Mobility project and enhanced its AI-enabled disaster management platform, AID, which proved crucial during UAE’s heavy rainstorms.
Bayanat’s strategic AED5.5 billion ($1.5 billion) investment by Microsoft in G42, its majority shareholder, bolstered its position with access to advanced AI services. This investment places Bayanat at the forefront of the geospatial intelligence sector.
Hasan Al Hosani, Managing Director of Bayanat, stated: “Our significant revenue growth highlights our solid market positioning and robust profitability. We are strategically amplifying our investments in R&D to enhance our product offerings and operational excellence, fully aligning with our commitments to innovation and our investor community.”
Bayanat’s continued commitment to innovation and strategic growth reinforces its leadership in the geospatial intelligence sector, setting a strong foundation for future advancements.
