Bayanat reported an income of 273 million dirhams

According to Amac News: The BAYANAT report states that Bayanat's income reached 273 million dirhams, which shows an 18% increase compared to last year.
The second quarter revenue increased by 23% compared to last year, which shows a stable growth.
BAYANAT remains focused on deploying world-class AI solutions and advanced location services for its customers. Key revenue contributions came from Smart Operations Solutions and Smart Mechanical Solutions.
Gross profit reached AED 84 million in the first half of 2024, representing a gross margin of 31%.
The gain was mainly due to the continued focus of statements on key segments, namely Intelligent Spatial Solutions (SPAS), Intelligent Operations Solutions (SOPS) and Intelligent Mechanical Solutions (SGS).
Net profit after tax reached AED 19 million, representing a net margin of 7%. Bayanat continued to receive significant financial income from investing its excess cash in financial instruments. In accordance with the federal laws of the United Arab Emirates, the statements for the taxable income of 2024 have filed provisions for corporate tax.
EBITDA reached 14 million dirhams, which represents a margin of 5%. Bayanat continued to make significant efforts in research and development and attracting talent, which is reflected in the half-year EBITDA performance.
While these ongoing strategic initiatives have a short-term impact on EBITDA, they are aligned with the logic of the merger and will help expand Space42's product portfolio and future revenue growth after the merger is completed.
In December 2023, Bayanat announced its merger with Yahsat to create Space42 with the aim of creating a space technology champion. The merger was approved at the respective general assembly meetings of each company in April 2024 and is expected to take effect in the second half of 2024.