ABU DHABI, 5th August, 2024: Presight AI Holding PLC, announced first half results for the six months to 30th June 2024, with strong growth in year-on-year revenue and profitability, underpinned by multi-year contracts, positive deployment mix, and the contribution from AIQ.
Presight’s H1 2024 revenue grew 17.4 percent year-on-year, to reach AED 603.5 million, more than twice the level of revenue growth achieved in the same period last year. Q2 2024 revenue increased by 18.7 percent year-on-year to AED 341.4 million.
EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortization) for the first half of the year increased by 25.8 percent to AED 153.9 million, with 51.2 percent growth year-on-year in Q2 2024. Pre-tax profit for H1 2024 was up 39.1 percent to AED 193.9 million, while Q2 2024 profit before tax grew by 31.9 percent year-on-year.
In June 2024, Presight completed the acquisition of a 51 percent stake in AIQ, marking the Company’s entry into the energy sector. Post the acquisition, Presight commenced the financial consolidation of AIQ’s results effective from June 2024. Excluding AIQ, Presight achieved double-digit revenue growth in H1 2024, high single-digit EBITDA growth with growth across both quarters exceeding the comparable periods last year, and a 24.5 percent increase in profit before tax.
Other highlights in the first half of 2024 included signing new technology partnerships with Intel, Dell and Obvious Technologies; new Enterprise AI product launches; and three new contracts with the UAE Accountability Authority (UAEAA), Abu Dhabi Accountability Authority (ADAA) and the Ministry of Education (MoE). Presight also announced the formation of IntelliGrid – a new joint venture with Esyasoft Technology – aimed at facilitating a seamless technological and AI transition in the areas of electricity, water, and gas.
Thomas Pramotedham, Chief Executive Officer, commented, “The past six months have been transformational for Presight, with new agreements and partnerships that help us to support governments around the world in sustainably realizing their digital ambitions, launching new enterprise-level products and solutions that support large-scale deployment of Generative AI technology, and the acquisition of a majority stake in AIQ, which reinforces our commitment to create safer and more sustainable societies through AI problem-solving.
“We are honoured to have Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, as Presight’s Chairman, with his wealth of experience and visionary leadership instrumental in helping us to fast track the energy transition globally. I am grateful for the continued dedication of all our colleagues across the Group in achieving this strong first half performance and look forward to further progress in the second half and beyond,” Pramotedham added.
For more information about Presight please go to the investor relations section of the Presight website at https://www.presight.ai/ir/
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About Presight
Presight, an ADX-listed public company limited by shares, whose majority shareholder is Abu Dhabi based 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.
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Forward-Looking Statements & Risks Acknowledgement
This document includes forward-looking statements. The forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the Company’s control and all of which are based on the Company’s current beliefs and expectations about future events. Forward-looking statements are sometimes identified as “expects”, “may”, “will”, “could”, “should”, “shall”, “risk”, “intends”, “estimates”, “aims”, “plans”, “predicts”, “continues”, “assumes”, “positioned”, “anticipates”, “is seeking”, “growth”, “targets”, “forecasts” or the negative thereof, other variations thereon or comparable terminology.
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Forward-looking statements and other statements contained in this document regarding matters that are not historical facts involve predictions. No assurance can be given that such future results will be achieved; actual events or results may differ materially because of risks and uncertainties facing the Company. Such risks and uncertainties could cause actual results to vary materially from the future results indicated, expressed, or implied in such forward-looking statements. Such forward-looking statements contained in this document speak only as of the date of this document. Any obligation or undertaking to update any forward-looking statements contained in the document to reflect any change in their expectations or any change in events, conditions, or circumstances on which such statements are based is expressly disclaimed unless required by applicable law, rules, and regulations.
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