Abu Dhabi-listed Bayanat AI profit surges 110% to $55m in 2022

Banayat

Abu Dhabi’s artificial intelligence-powered geospatial solutions provider Bayanat AI’s net profit rose 110 percent year-on-year to AED202 million ($54.99 million) in 2022.

Revenue surged 115 percent year-on-year to AED788 million, the company said in a statement.

Total assets grew to AED1.51 billion in 2022 compared to AED474 million in 2021, an increase of 218 percent. 

Tareq Abdulraheem Al Hosani, chairman of Bayanat, said: “In 2022, we more than doubled revenue and profits for Bayanat, and going forward into 2023, we remain committed to unlocking growth and value for our customers, shareholders, and our community.”

Hasan Ahmed Alhosani, CEO of Bayanat, added that 2022 was a defining year for the company, which is reflected in its strong financial performance. 

“The momentum has continued into 2023 as we look into expanding our product and services offering to further nurturing our customer base. Last week, we also became the first ADX-listed technology share to be certified as Shari’a compliant, which opens up Bayanat to a broader pool of investors.”

Last February, Bayanat unveiled its new fleet of autonomous taxis at the Abu Dhabi Smart City Summit under the brand name TXAI.

The first phase saw five TXAI branded vehicles operating on Yas Island, transporting passengers between nine stops. Phase two will include more vehicles in multiple locations across the capital.