113 million dirhams in revenues "Data" In the first quarter, a growth of 12%
Abu Dhabi, May 15, 2024: Bayanat achieved revenues of about 113 million dirhams in the first quarter of 2024, an increase of 12 percent year-on-year.
The company said, in a statement today announcing its financial results, that the increase in revenues came primarily due to the strategic expansion of its presence in the market and continuous improvements to its product range and service offerings across the company’s various business sectors.
It stated that the total profit amounted to 32 million dirhams in the first quarter of 2024, representing a gross profit margin of 28 percent, thanks to the continued focus on the main sectors, which are smart operations solutions, smart transportation solutions and smart geospatial solutions. Artificial intelligence solutions and smart solutions also contributed. Company geospatial.
The value of the company’s earnings before interest, taxes, depreciation and amortization reached 8 million dirhams, equivalent to a margin of 7 percent… while the net profit after tax amounted to 10 million dirhams, representing a net percentage of 9 percent, in addition to the performance of earnings before interest, taxes and depreciation. and depreciation, the Company continued to generate significant financial income from investing surplus cash in responsibly managed financial instruments.
Hassan Al Hosani, Managing Director of Bayanat, said that the company’s ability to maintain last year’s exceptional financial performance, which exceeded one billion dirhams in revenues for the first time in the company’s history, and even to build on it significantly, reflects the strength of the team and the forward-looking strategic vision.
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