FINANCIAL PERFORMANCE

Bayanat’s FY-2022 revenue reached AED 788 million as compared to AED 367 million for the previous year, marking a substantial increase of 115%. Moreover, the Company reported FY-2022 net profit of AED 202 million, an increase of 110% as compared to AED 96 million for the previous year.

Bayanat’s total assets increased to AED 1,508 million during the year ended 2022 as compared to AED 474 million for the period of the previous year, with an increase of 218%. Bayanat’s equity increased to AED 1,082 million during the year ended 2022 as compared to AED 255 million for the prior year, with an increase of 323%.

Commenting on the results, His Excellency Tareq Abdulraheem Al Hosani, Chairman of the Board of Directors of Bayanat, said: We are pleased to announce a promising financial performance for FY2022. 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. We are proud to be supporting the diversification of the UAE economy and the development of an advanced technology industry in the Emirates.

Hasan Ahmed Alhosani, CEO of Bayanat, added: 2022 was a defining year for Bayanat, which is reflected in our 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.