Dubai: The UAE’s two listed tech companies, Bayanat and Presight, have turned in their nine-month 2023 financials, showing that the AI wave can be monetized to good effect. Both companies are part of the Abu Dhabi headquartered tech-focussed conglomerate G42.
In fact, Presight, which is into data analytics, shot past the Dh1 billion mark in revenues for these nine months, while net profit was tuned to Dh270 million, a gain of 10.8 per cent.
The Presight stock, which had its IPO in March last, has been one of best performers on the ADX, up 80 per cent year to date. The stock is trading at Dh2.46 against the IPO offer of Dh1.34.
Presight’s financials have been boosted by a steady round of new contracts, including a recent one from the National Emergency Crisis and Disaster Management Authority (NCEMA), where big data analytics powered by AI will be used to help out.
There was also a joint venture with Samruk Kazyna, the Sovereign Wealth Fund of Kazakhstan, to accelerate digital transformation in the central Asian nation.
Our order books are further strengthened with multi-year revenue contracts, securing future revenue and cash flows. Customer orders exceeded Dh1b in the first three quarters of 2023, which we expect to set a good pace of growth ahead
"As demand for AI-centric technologies and solutions continues to increase exponentially, Presight is well-positioned to capture this growth in the UAE, regionally and internationally through our existing solutions,” said Thomas Pramotedham, CEO, in a statement.
“We have also doubled down our R&D investments to launch an enhanced suite of Generative AI solutions for the public sector and large enterprises.”
The other G42 entity, Bayanat, saw its net profit for the first three quarters drop to Dh107.7 million from Dh149.9 million a year ago, while revenues came in higher at Dh511.3 million from Dh490.5 million. The company offers a suite of technology solutions, including AI powered geospatial mapping and mobility.
The stock is down 21 per cent year-to-date.
More AI linked IPOs?
In recent months, there’s been active talk about more tech companies joining in the UAE IPO wave. With AI and digital becoming such an integral part of technology projects, these enterprises hope to make the cut into public joint stock companies. There have been a couple of prominent names that are mentioned as potential IPO candidates, but nothing has been confirmed.
The one confirmation of an upcoming IPO has been from the Phoenix Group, which is into crypto mining and other solutions.