Abu Dhabi, UAE– Bayanat, a provider of AI-powered geospatial solutions, reported a net profit of AED202 million ($55 million) for 2022, a 110 percent increase over 2021 net profit of AED96 million.
In its preliminary financial results for 2022, the company posted a revenue of AED788, compared to AED367 million for the previous year, an increase of 115 percent.
Bayanat’s total assets increased to AED1.508 billion during the year ended 2022 compared to AED474 million in the previous year, an increase of 218 percent.
Tareq Abdulraheem Al Hosani, Chairman of the Board of Directors of Bayanat, said, “We remain committed to unlocking growth and value for our customers, shareholders, and community.”
Hasan Ahmed Alhosani, CEO of Bayanat, said that last week Bayanat became the first ADX-listed technology share to be certified as Shari’a compliant, which opens up Bayanat to a broader pool of investors.