Presight's order backlog is running strong, as UAE entities embark on their AI enabling plans. Image Credit: Supplied

Dubai: The ADX-listed Presight – one of the AI pioneers in the UAE – saw first-quarter 2024 revenues put on Dh35.9 million to Dh262.1 million. The 15.9 per cent growth is ‘more than twice the rate’ from the same period last year.

The gains were brought on from more multi-year contracts, which in turn ‘underpin future revenue and cash flow generation’, the company added.

17.97 %

The Presight stock's gain on ADX in the year-to-date

Bottom-line gains too

On net profit before tax, Presight’s growth was in the 45.8 per cent trajectory, to total Dh105.6 million. That works out to a pre-tax net margin on 40.3 per cent from 32 per cent a year ago.

When tax provisions come into the equation, net profit comes to Dh95.9 million, up 32.5 per cent. “Our debt-free balance sheet remains robust with cash and equivalents of Dh2 billion (post operating cash outflow of Dh104.4 million in the quarter to support investment in growth and capability), providing significant financial flexibility to fund future organic and inorganic growth,” says a statement.

Project wins

Across the first 3 months, Presight booked multiple contracts for new 'domestic and international agreements and partnerships'. There were also further investments in GAI (Generative AI) centred solutions and 'GAI-enhanced next-generation versions of current products'. Some notable highlights

  1. There was a multi-year contract with the Emirati Talent Competitiveness Council (ETCC) to develop a National Employment AI Platform (NEAP). The platform will include predictive analytics focused on improving the skillsets of the Emirati workforce.
  2. A MoU was signed with Ras Al Khaimah Police General Headquarters on Big Data analytics and AI to 'improve operational efficiency, enhance public safety, and improve public services in the emirate'.

“Our performance during Q1 marks a strong start to 2024, with new agreements and partnerships to help transform public safety, create the smart cities of the future - and support governments around the world in sustainably realizing their digital ambitions," said Thomas Pramotedham, CEO.

The UAE's AI-focused corporate landscape is brimming with activity, with analysts pointing to more stock market listings of key entities.

Then there was the high-visibility deal that G42, a major shareholder in presight, struck with Microsoft on AI-related investments. And just this month, UAE energy company ADNOC, G42 and presight created a new shareholding structure for AIQ, which was launched in 2020. Under the agreement, presight will acquire a 51 per cent stake in AIQ, with ADNOC retaining a 49 per cent shareholding. (Earlier, G42 held 40 per cent and ADNOC held 60 per cent.)