Presight AI, a leading Abu Dhabi-based artificial intelligence and big data company, reported strong growth numbers on the back of major domestic project deployments throughout the year, during which it also got listed on the Abu Dhabi Securities Exchange (ADX).
According to a company filing regarding its 2023 results in the exchange, revenues were up 14.7 per cent to AED1,780.6 million ($484.85 million) compared to the previous year. Net profit increased by 5.1 per cent to AED570.6 million ($155.37 million) compared to AED543.0 million ($147.9 million) for FY2022. The net profit margin in FY2023 was 32.0 per cent.
The last quarter of the year was particularly good for Presight with revenues of AED713.5 million ($194.3 million), an increase of 23.3 per cent over the same quarter last year. Although net profit marginally increased by 0.4 per cent to AED300.6 million ($81.85 million), net profit margin was at 42.1 per cent.
Presight AI balance sheet remains highly liquid and debt free
The company balance sheet remains highly liquid and debt free, providing significant financial flexibility to fund its operations and fuel future growth. In FY2023 AED336.6 million of cash was generated from operations.
Thomas Pramotedham, Chief Executive Officer of Presight, commented: “In this transformational year which saw us list on ADX, we can be very proud of the FY2023 results. They demonstrate strong and sequential organic growth which is delivering sector-leading profitability.”
One of the big contracts for Presight was the multi-year, mission-critical contract by the National Emergency Crisis and Disaster Management Authority (NCEMA) to enhance the UAE’s management of any crisis and emergencies using big data analytics powered by AI.
It also secured the contract and associated funding from Abu Dhabi Export Office (a part of Abu Dhabi Fund for Development), worth AED330 million (%89.9 million), for the deployment of a National Analytical Platform, Data Centre, and National Cloud for the Angolan Ministry of Information Technology.
The company also entered a strategic joint venture partnership with Samruk Kazyna, a $70 billion sovereign wealth fund of Kazakhstan, to accelerate digital transformation in the country through the deployment of its solutions and technologies.
With a robust balance sheet and zero debt, Pramotedham was optimistic about the future.
“The 2023 numbers are backed by an additional AED1.56 billion ($424.8 million) of multi-year revenue contracts which will support strong future revenue and cash flow. 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,” 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.’’
The Presight IPO in March last year was oversubscribed 136 times.
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