Genesys Intl gains on securing two contracts in Saudi Arabia

Genesys International Corporation added 1.14% to Rs 792 after the company has received two new contracts from NEOM and the Saudi Geological Survey Authority to adopt geospatial technology for infrastructural development in Saudi Arabia.

NEOM is a territory of 26,500 square kilometres undergoing the worlds most innovative and visionary transformation in urban planning and environmental engagement.

The company will be working for Land Affairs Compliance and Enforcement division of NEOM to achieve high accuracy mapping and verify land use compliance and enforcement function on all LUPs. The company will cover all master plan build areas including Oxagon, Gulf of Aqaba, Trojena and the Line/Spine.

 

The Saudi Geological Survey Project shall focus on developing a spatial information system to manage geological risks in the Makkah Al-Mukarramah and Riyadh regions, as part of the authority's natural geological risks monitoring initiative.

Sajid Malik, chairman & MD, Genesys International, said, Geospatial technology is essential to NEOM's ambitious vision. He emphasized that their expertise will ensure accurate verification of land use compliance and contributes to sustainable development.

Malik highlighted the company's role in the Saudi Geological Survey's efforts to manage geological risks in Makkah and Riyadh, helping to protect communities and the environment. He expressed pride in showcasing Indias geospatial expertise globally and commitment to supporting Saudi Arabias transformation. He noted that Genesys is well-equipped to handle complex projects and plans to expand its capabilities and global presence.

He further added, Utilizing spatial information system technology and 3D Digital Twin technology and expertise, Genesys seeks to leverage modern tools for collecting, storing, processing, and analysing spatial data with precision and speed and the projects reinforce Genesys competency in advanced mapping technologies in some of the most prestigious projects worldwide.

Genesys International Corporation is a premier advanced mapping company. With a team of close to 2,000 professionals along with the nationwide Genesys constellation of sensors, the company is building the new India map stack. Genesys International has unique expertise, encompassing an understanding of emerging consumer applications related to mapping technology and the capability to provide cutting-edge solutions on the enterprise and government markets.

The company reported consolidated net profit of Rs 5.30 crore in Q1 FY25 as against net loss of Rs 5.46 crore posted in corresponding quarter last year. Revenue from operations surged 61.39% year on year (YoY) to Rs 55.76 crore in the quarter ended 30 June 2024.

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