UAE: Bayanat net profit surges 110% to $55mln in 2022

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Bayanat, a provider of AI-powered geospatial solutions, on Monday reported its preliminary financial results for 2022, reaching Dh788 million in revenue, with a net profit of Dh202 million for the year.

Bayanat's FY-2022 revenue reached Dh788 million compared to Dh367 million for the previous year, marking a substantial increase of 115 per cent.

The company also reported FY-2022 net profit of Dh202 million, an increase of 110 per cent compared to Dh96 million for the previous year.

Bayanat's total assets increased to Dh1.508 billion during the year ended 2022 compared to Dh474 million in the previous year, with an increase of 218 per cent. Bayanat's equity increased to Dh1.082 billion during the year ended 2022 compared to Dh255 million for the prior year, with an increase of 323 per cent.

Tareq Abdulraheem Al Hosani, chairman of the board of directors of Bayanat, said" "We are pleased to announce a promising financial performance for FY2022. In 2022, we more than doubled revenue and profits for Bayanat, and going forward into 2023; we remain committed to unlocking growth and value for our customers, shareholders, and community. We are proud to support the diversification of the UAE economy and the development of advanced technology industry in the Emirates."

Hasan Ahmed Alhosani, CEO of Bayanat, stated that 2022 was a defining year for Bayanat, which is reflected in the company's strong financial performance.

"The momentum has continued into 2023 as we look into expanding our product and services offering to further nurturing our customer base. Last week, we also became the first ADX-listed technology share to be certified as Shariah-compliant, which opens up Bayanat to a broader pool of investors."