Presight Announces Profitable and Consistent FY2023 Growth

Abu Dhabi, UAE 7thFebruary 2024 – Presight AI Holding PLC (“Presight”, ADX: PRESIGHT) today announced its FY2023 results,which showedstrong, consistent revenue growth with revenues up 14.7% (+AED228.6M) to AED1,780.6M compared with FY2022. Net Profit increased by 5.1% (+AED27.6M) over the same period, with FY2023 Net Profit of AED570.6M compared to AED543.0M for FY2022. FY2023 Net Profit margin was 32.0%.

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 Q4’23 revenues by AED713.5M – an increase of 23.3% over Q4’22. In the same period Q4’23 Net Profit (AED300.6M) marginally increased by 0.4% over Q4’22. The Q4’23 Net Profit margin was 42.1%.

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. In FY2023 AED336.6M of cash was generated from operations.

Thomas Pramotedham, Chief Executive Officer of Presight, commented:“In this transformational year which saw us list on ADX (in March 2023), we can be very proud of the FY2023 results. They demonstrate strong and sequential organic growth which is delivering sector-leading profitability. The 2023 numbers are backed by an additional AED1.56Bn 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 throughfuture capital deployments which could include targeted geographical expansion, new product development to future proof growth, or value-adding acquisitions.

“Presight’s use of AI and big data technologies to provide mission critical support helped toentrench our partnerships with existing customers in the UAE such as the National Emergency Crisis and Disaster Management Authority (NCEMA), as well as demonstratingour cutting-edge technologies at work to prospective customers.

“Internationally, Presight expanded its geographical reach and presence through strategic partnerships and joint ventures with our 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.

“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.’’ 

Pramotedham added: “Our FY2023 financial performance has created a solid foundation for future expansion, and I remain confident that Presight will continue to create value for all its stakeholders in both the near and medium term.”

The 2023 business highlights included:

For more information about Presight please go to the investor relations section of the Presight website at https://www.presight.ai/ir/

Ends

About Presight

Presight, an ADX-listed public company limited by shares whose majority shareholder is Abu Dhabi company G42, is the region’s leading big data analytics company powered by Artificial Intelligence (“AI”). It combines big data, analytics, and AI expertise to serve every sector, of every scale, to create business and positive societal impact. With its world-class computer vision, AI and omni-analytics platform as its engine, Presight excels at all-source data interpretation to support insight-driven decision-making that shapes policy and creates safer, healthier, happier, and more sustainable societies.For media enquiries, email:media@presight.ai

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