Bayanat Reports 47% Revenue Growth, Ensuring Profitability 

Bayanat's revenue for 2023 grew by 47% to reach AED 1.16 billion, while the total net profit increased by 15% to reach AED 232 million. 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.

Bayanat has further bolstered its solid financial position by acquiring assets, setting the stage for sustainable revenue growth across both existing and emerging business sectors. Remarkably, Bayanat achieved a debt-free status in 2023.

The surge in revenue was primarily propelled by Bayanat's Smart Operations Solutions (SOPS) and Smart Space Solutions (SPAS), which offer a suite of products designed to enhance operational efficiency and productivity by integrating AI and geospatial data into business operations for its clients.

Hasan Al Hosani, Managing Director of Bayanat, commented, "The impressive results of 2023 underscore the success of our long-term strategic vision to invest in core business functions. Not only have our revenues seen a notable increase, but we have also achieved a commendable debt-free status. With a robust cash position and strong profitability, we are well-positioned for the future, particularly following the recent announcement of our strategic merger with Yahsat."

In December 2023, Bayanat and Yahsat announced a proposed merger, subject to approval by shareholders and regulatory authorities. Upon completion, this merger would create Space42, a combined entity headquartered in Abu Dhabi and listed on the ADX. The merger aims to establish Space42 as one of the most valuable publicly listed space companies globally by market capitalisation, with significant potential for further growth and synergies.

For detailed financial disclosures and comprehensive reports, including definitions of terms used in this announcement, shareholders can access the investor relations section of Bayanat's website.