Bayanat reports 47% revenue growth in 2023, reaches zero-debt position

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Bayanat, a leading provider of AI-powered geospatial solutions listed on the Abu Dhabi Securities Exchange, announced robust financial results for 2023, marking a year of significant growth and strategic advancements.

Overall, Bayanat’s revenue for 2023 grew by 47 per cent (or Dhs371 million), while the total net profit increased by 15 per cent (or Dhs30m) year-on-year in absolute value.

The company boasts a robust balance sheet, strengthened by asset acquisitions aimed at driving future revenue growth.

Furthermore, the G42 unit achieved a zero-debt position in 2023, solidifying its financial health.

The growth was primarily fuelled by its Smart Operations Solutions (SOPS) and Smart Space Solutions (SPAS), offering AI-powered data integration into business processes for enhanced operational efficiency and productivity.

“Our 2023 results validate our long-term strategy,” said Hasan Al Hosani, the company’s MD.

“Increased revenue, zero debt, robust cash flow, and strong profitability position us well for the future, especially considering the impending merger with Yahsat,” he added.

Bayanat-Yahsat merger creates Space42

In a game-changing move, Bayanat and Yahsat announced a planned merger in December 2023.

The combined entity, Space42, will be one of the world’s most valuable publicly listed space companies by market capitalisation, unlocking significant global growth opportunities and synergies.

Combining the strengths of #Bayanat and #Yahsat to establish #Space42 is a response to the rapidly evolving dynamics in the spacetech sector and will serve the entire value chain using an innovative and differentiated approach.

Learn more: https://t.co/8VhCPe9Gxn@yahsatofficial pic.twitter.com/0wLGBWSFJJ

— Bayanat.AI (@Bayanatg42) February 5, 2024