Bayanat reports revenue of AED273 million in H1 2024

Bayanat (ADX: BAYANAT), a leading AI-powered geospatial solutions provider, today announced its continued solid financial results for the first half of 2024.

Over the first half of 2024, Bayanat’s revenue reached AED273 million, an 18% increase year-over-year. Q2 revenue increased 23% year-over-year, demonstrating sustainable growth. Bayanat remained focused on deploying world-class AI solutions and enhanced geospatial services for its clients. Key contributions to revenue came from Smart Operations Solutions (SOPS) and Smart Geospatial Solutions (SGS).

Gross Profit reached AED84 million in H1 2024, representing a gross margin of 31%. Profits were largely driven by Bayanat’s continued focus on key segments, namely its Smart Space Solutions (SPAS), Smart Operations Solutions (SOPS), and Smart Geospatial Solutions (SGS). Net Profit after tax reached AED19 million, representing a net margin of 7%. Bayanat continued to receive significant financial income from investing its excess cash into financial instruments. In accordance with applicable UAE Federal Decree-Laws, Bayanat has recorded a provision for Corporate Tax on its 2024 taxable income.

Hasan Al Hosani, Managing Director of Bayanat, said, “As we prepare for our groundbreaking merger to become Space42, 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 as we continue to deliver exceptional shareholder value.

“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.” continued Al Hosani

EBITDA reached AED14 million, representing a margin of 5%. Bayanat continued to deploy significant efforts in research and development and talent acquisition, which are reflected in the half-year EBITDA performance. While these continued strategic initiatives have a short-term impact on EBITDA, they align with the merger rationale and will contribute to expanding Space42’s product portfolio and future revenue growth upon completion of the merger.

In December 2023, Bayanat announced its merger with Yahsat to create Space42, aiming to create a space technology champion. The merger was approved at each company’s respective General Assembly Meetings in April 2024 and is expected to be effective in the second half of 2024.