Presight listed on the Abu Dhabi Stock Exchange on March 27, 2023, with an offering, excluding its corner stone investor, that was oversubscribed 136 times. Image Credit: Supplied

Abu Dhabi: Abu Dhabi’s G42-backed Presight AI Holding reported Dh1.78 billion in revenues for its full-year 2023 results, demonstrating consistent revenue growth and the effective monetization of the AI wave. The company was listed on ADX in March 2023.

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Presight, which announced its FY2023 results late Wednesday, said the company is experiencing strong and consistent revenue growth, with revenues up 14.7 per cent (+ Dh228.6 million) to Dh1.78 billion compared with the full-year 2022.

Net Profit increased by 5.1 per cent (+ Dh 27.6 million) over the same period, with FY2023 net profit of Dh 570.6 million compared to Dh 543 million for FY2022. FY2023’s net profit margin was 32 per cent.

“The FY2023 results were underpinned by major domestic project deployments throughout the year and more so in the last quarter of the year, which lifted Q4 2023 revenues by Dh713.5 million - an increase of 23.3 per cent over Q4 2022,” said the company.

In the same period, Q4 2023 net profit (Dh300 million) marginally increased by 0.4 per cent over Q4 2022. The Q4 2023 net profit margin was 42.1 per cent.

Thomas Pramotedham, CEO of Presight, said, “The (results) demonstrate strong and sequential organic growth, which is delivering sector-leading profitability. The 2023 numbers are backed by an additional Dh1.5 billion multi-year revenue contracts, supporting strong future revenue and cash flow.”

He added, “The health of our balance sheet gives us the potential to accelerate our growth through future capital deployments, which could include targeted geographical expansion, new product development to future-proof growth or value-adding acquisitions.”

“Moreover, the company’s balance sheet remains highly liquid and debt-free, providing Presight with significant financial flexibility to fund its operations and fuel future growth,” the company said. In FY2023, Dh 336.6 million of cash was generated from operations.

Presight’s use of AI and big data technologies is being used by partners, including the National Emergency Crisis and Disaster Management Authority (NCEMA).

Plans for the future

“Internationally, Presight expanded its geographical reach and presence through strategic partnerships and joint ventures with partners in Central Asia, Southeast Asia, and the United States. These partnerships are expected to be instrumental in driving international growth in FY2024 and beyond,” he added.

“We can see that Generative AI (GAI), within the framework of enterprise AI, offers further growth opportunities and is a key focus of our innovation and developmental efforts. Having completed early beta releases in 2023, we now look forward to launching a suite of GAI solutions in 2024,” said Pramotedham.