ABU DHABI - Bayanat, the ADX-listed public company and provider of AI-powered geospatial solutions, announced today its results for Q1 2024, reporting AED113 million in revenues, a 12% increase Year-over-Year.

In a statement on Wednesday, the company said that revenue increased primarily due to the expansion of its market presence and its strong product range and service offerings. The company remains focused on deploying AI solutions and enhanced geospatial services for its clients.

The company's gross profit reached AED32 million in Q1 2024, representing a gross margin of 28%. Profits were largely driven by Bayanat's continued focus on key segments, namely its Smart Operations Solutions (SOPS), Smart Mobility Solutions (SMOS), and Smart Geospatial Solutions (SGS).

EBITDA reached AED8 million, representing a 7% margin. Bayanat's net profit after tax reached AED10 million, representing a net margin of 9%. Besides its EBITDA performance, the company has continued to receive significant financial income from investing its excess cash into responsibly managed financial instruments.

Hasan Al Hosani, Managing Director of Bayanat, said, "Our ability to not only sustain but significantly build upon last year's exceptional financial milestone—surpassing AED1 billion in revenues for the first time in our history — is a clear indication of our team's strength and our forward-thinking strategic vision."