Presight’s Q1 2024 Performance: Surge in Revenues and Strategic Projects Mark Strong Start
During the first quarter of 2024, Presight, an AI pioneer listed on the ADX, witnessed a significant surge in revenues, climbing from Dh35.9 million to Dh262.1 million. This remarkable growth of 15.9 percent surpasses the rate experienced during the same period last year by more than double.
The surge in revenues was primarily driven by an increase in multi-year contracts, which the company emphasized as crucial for bolstering future revenue streams and cash flow.
In terms of net profit before tax, Presight demonstrated a robust growth trajectory of 45.8 percent, reaching a total of Dh105.6 million. This translates to a pre-tax net margin of 40.3 percent, compared to 32 percent from a year ago.
Factoring in tax provisions, the net profit surged to Dh95.9 million, marking a notable increase of 32.5 percent. The company highlighted its debt-free balance sheet, which remains strong with cash and equivalents amounting to Dh2 billion, even after an operating cash outflow of Dh104.4 million in the quarter, aimed at supporting investments in growth and capability. This financial flexibility positions Presight well to fund future organic and inorganic growth endeavors.
Amidst these financial gains, Presight secured several significant projects during the first three months of the year. This includes multiple contracts for new domestic and international agreements and partnerships, along with investments in Generative AI (GAI) centered solutions and GAI-enhanced next-generation versions of current products.
Notable highlights include a multi-year contract with the Emirati Talent Competitiveness Council (ETCC) to develop a National Employment AI Platform (NEAP), focusing on predictive analytics to enhance the skillsets of the Emirati workforce. Additionally, a Memorandum of Understanding (MoU) was signed with the Ras Al Khaimah Police General Headquarters to leverage Big Data analytics and AI, aiming to enhance operational efficiency, public safety, and public services in the emirate.
Thomas Pramotedham, CEO of Presight, expressed satisfaction with the company’s performance in Q1, highlighting the significance of the new agreements and partnerships in transforming public safety and fostering smart cities. He emphasized the role of these initiatives in supporting governments worldwide to realize their digital ambitions sustainably.
The robust performance of Presight underscores the dynamic landscape of the UAE’s AI-focused corporate sector, with analysts anticipating further stock market listings of key entities in the near future.
