Bayanat, the Abu Dhabi-based geospatial solutions provider, has reported an 18 percent increase in its first half of 2024 revenue to AED273 million ($74.3 million) and a 23 percent growth in Q2 revenue.
Deploying world-class AI solutions and enhanced geospatial services for its clients, Bayanat’s major contribution to its revenue came from Smart Operations Solutions (SOPS) and Smart Geospatial Solutions (SGS).
A debt-free company with a cash balance of AED571 million ($155.5 million), the company’s gross profit reached AED84 million ($22.9 million) in H1 2024, representing a gross margin of 31 percent. Net profit after tax reached AED19 million ($5.2 million), a net margin of 7 percent.
Managing Director Hasan Al Hosani commented: “As we prepare for our groundbreaking merger to become Space42 (with Yahsat), we have made strategic investments that continue to improve our offerings for our clients. Bayanat’s geospatial intelligence solutions will be a key contributor to Space42’s position as a global space technology champion. Our financial stability and commitment to innovation, R&D, and strategic partnerships will evolve through Space42.
“The upcoming Bayanat and Yahsat SAR satellite launch, in collaboration with ICEYE, will further strengthen our capabilities in Earth Observation. This launch will mark a significant milestone in our journey towards expanding our space technology offerings, delivering cutting-edge innovations to our customers, and further solidifying the UAE’s ambitious space strategy.”
Bayanat’s strategic partnerships and merger
EBITDA reached AED14 million ($3.81 million), representing a margin of 5 percent. The company said the short-term impact on EBIDTA was because the company continued to deploy significant efforts in research and development and talent acquisition. Bayanat was also positive that these efforts align with the merger rationale and will contribute to expanding Space42’s product portfolio and future revenue growth upon completion of the merger.
Bayanat’s merger with Yahsat to create Space42, announced in December last year, is expected to be effective in the second half of 2024.
During the first half of 2024, Bayanat signed numerous Memorandums of Understanding and partnerships to advance its technological innovations and solutions, including with IMKAN to develop a smart mobility infrastructure project, with OXA to blend AI-powered geospatial analytics capabilities with their autonomous vehicle technology, and Autonomous a2z to combine expertise in pioneering cutting-edge Autonomous Fleet operations.
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