- The company revealed that during the fiscal year 2020, its annual revenues quadrupled
RIYADH: Lucidya, an AI-powered tool to monitor and analyze Arabic social media platforms, has announced achieving record growth rates in revenues and higher profit margins, and expanding its customer base in Saudi Arabia and abroad, last year.
The company revealed that during the fiscal year 2020, its annual revenues quadrupled, with profit margins increasing up to 90 percent.
The achievement came as a result of the enlarged operational efficiency, boosting investment in AI programs and escalating the company’s capabilities in using and processing Arabic data. This was in addition to the remarkable growth in its government customer base as well as the higher demand from global brands and consultancies.
“Companies, organizations and governments have enlarged usage of social media platforms to understand their target audience,” Abdullah Asiri, co-founder and CEO of Lucidya, said.
“During the past years, Lucidya has invested to provide the most accurate monitoring and listening services that help brands and presidents of organizations better understand the target audience and enable them to make smarter strategic decisions while communicating with them,” he added.
Asiri added that despite the negative impact of the pandemic on all sectors, Lucidya has been named as the world’s fastest growing company in the category of “Providing Software as a Service.”