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Bayanat AI’s 2022 net profit up 110% to $55 million

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Bayanat AI, a leading provider of artificial intelligence geospatial solutions, saw its 2022 net profit rise 110% to AED 202 million ($55 million) on a 115% jump in revenue to AED 788 million.

According to its preliminary financial results for the full year 2022, Bayanat posted a revenue of Dh367 million last year and a net profit of Dh96 million.

By 2022, Bayanat’s total assets will increase by 218% to AED 1.51 billion from AED 474 million in the same period last year. During the period, Bayanat’s stake increased to AED 1.08 billion, compared to AED 255 million in the previous year, an increase of 323%.

unlock growth

Commenting on the results, Bayanat Chairman Tareq Abdulraheem Al Hosani said: “In 2022, we more than doubled Bayanat’s revenue and profits, and looking ahead to 2023, we remain committed to unlocking growth and value for our customers, shareholders and our community. We are proud to support the diversification of the UAE economy and the growth of the emirate’s advanced technology industries.”

Hasan Ahmed Alhosani, CEO of Bayanat, added: “2022 will be a defining year for Bayanat, as reflected in our strong financial performance. As we consider expanding our range of products and services to further develop our customers group, and this momentum continues until 2023. Last week, we also became the first ADX-listed technology stock to be certified as Shariah compliant, opening Bayanat to a wider range of investors.” — TradeArabia News Service


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