March 5, 2024
PRESS RELEASES

Presight Announces Profitable and Consistent FY2023 Growth

Presight AI Holding PLC (“Presight”, ADX: PRESIGHT) today announced its FY2023 results, which showed strong, consistent revenue growth with revenues up 14.7% (+AED 228.6M) to AED 1,780.6M compared with FY2022. Net Profit increased by 5.1% (+AED 27.6M) over the same period, with FY2023 Net Profit of AED 570.6M compared to AED 543.0M 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 AED 713.5M – an increase of 23.3% over Q4’22. In the same period Q4’23 Net Profit (AED 300.6M) 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 AED 336.6M 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 through future 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 to entrench our partnerships with existing customers in the UAE such as the National Emergency Crisis and Disaster Management Authority (NCEMA), as well as demonstrating our 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:

  • Presight successfully listed on the Abu Dhabi Stock Exchange (ADX: PRESIGHT) on March 27, 2023, with an offering, excluding its corner stone investor, that was oversubscribed 136 times.
  • Presight was awarded a 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 emergency situations using big data analytics powered by AI.
  • Additionally, Presight signed key contracts with Emirates Talent Competitive Council (ETCC) and the Statistics Council of Abu Dhabi (SCAD) to name a few.
  • Internationally, Presight secured the contract and associated funding from Abu Dhabi Export Office (a part of Abu Dhabi Fund for Development), worth AED330M, for the deployment of a National Analytical Platform, Data Centre, and National Cloud for the Angolan Ministry of Information Technology.
  • In Q3 2023, the Maldivian Government inaugurated their Centre of Excellence (CoE) for Public Safety, a groundbreaking initiative powered by Presight.
  • In addition to establishing operations in Kazakhstan and Azerbaijan during FY 2023, the Company entered a strategic joint venture partnership with Samruk Kazyna, a USD 70 Billion Sovereign Wealth Fund of Kazakhstan, to accelerate digital transformation in Kazakhstan through the deployment of Presight’s solutions and technologies.
  • Kazakhstan’s initiatives now include the collaboration agreements to develop:
    • smart environment digitalization and city management for Kazakhstan Capital City, Astana.
    • digital transformation projects for Qazaqgaz and KTZ Express.
    • digital transformation for Samruk Kazyna portfolio companies.
  • Overall international MOUs for Digital Transformation Programs were signed with Senegal, Zambia, and Mauritania.

Last Updated on 4 weeks by Middle East News 247

    Middle East News 247

    Middle East News 247

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