Shares of this small-cap company, specializing in Geographical Information Services, rose nearly 2.15 percent to Rs. 800 per share after securing Rs. 35 crore projects from NEOM and the Saudi Geological Survey, marking a significant advancement in the adoption of geospatial technology for infrastructure development in Saudi Arabia.
Price Movement
In Friday’s trading session, Genesys International Corporation Limited‘s share price reached an intraday high of Rs.800 per share, up 2.15 percent from its previous closing price of Rs.783.1 apiece. The share has since retreated and is currently trading at Rs.787.7 each.
What is the news
On September 27, Genesys International, a leading mapping technology firm, has won two contracts valued at Rs.35 crores from NEOM Ltd and the Saudi Geological Survey Authority. These projects highlight the growing use of geospatial technology in Saudi Arabia’s infrastructure development.
Genesys will assist NEOM’s Land Affairs Compliance and Enforcement division in high-precision mapping for land use compliance across key areas, including Oxagon and the Gulf of Aqaba.
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The Saudi Geological Survey project will focus on developing a Spatial Information System to manage geological risks in Makkah Al-Mukarramah and Riyadh, as part of the Authority’s Natural Geological Risks Monitoring Initiative.
Management Commentary
Commenting on this development, Mr. Sajid Malik, the Chairman, and Managing Director of Genesys International, said, “Geospatial technology is central to the ambitious vision of NEOM, and our expertise in this field will ensure accuracy in verifying land use compliance, and precise development of this groundbreaking project.
Our capabilities will also enable us to play a critical role in the efforts of The Saudi Geological Survey to manage potential risks, helping us to identify and mitigate hazards with precision to protect both communities and the natural landscape in key regions like Makkah and Riyadh. We look forward to working on these prestigious projects to put India’s geospatial expertise on the global map.”
He stated that by using spatial information system technology and 3D Digital Twin expertise, Genesys aims to enhance the collection, storage, processing, and analysis of spatial data.
These projects highlight the company’s competency in advanced mapping technologies for prestigious global projects, with its Digital Twin program recently adopted by several prominent Indian cities.
Financial Performance
In its recent financial update for the quarter ending June 2024, Genesys International Corporation Limited reported revenue from operations of Rs. 55.76 crore, marking a 61.4 percent increase from Rs. 34.55 crore in Q1 FY24. Net profits improved to Rs. 5.3 crore, up from a net loss of Rs. 5.46 crore during the same period.
Company Overview
Genesys International Corporation Ltd is a leading advanced mapping company with over 2,000 professionals and a nationwide constellation of sensors dedicated to developing a new map stack for India.
The company specializes in emerging consumer applications of mapping technology and provides cutting-edge solutions for enterprise and government markets.
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Written by – Siddesh S Raskar
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