ABU DHABI (WAM)
Presight AI Holding PLC announced first-half results for the six months to 30 June 2024. Revenue and profitability increased strongly year over year, underpinned by multi-year contracts, a positive deployment mix, and the contribution from AIQ.
Presight’s H1 2024 revenue grew 17.4 per cent 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 per cent to AED 153.9 million, with 51.2 per cent growth year-on-year in Q2 2024. Pre-tax profit for H1 2024 was up 39.1 per cent to AED 193.9 million, while Q2 2024 profit before tax grew by 31.9 per cent year-on-year.
In June 2024, Presight completed the acquisition of a 51 per cent stake in AIQ, marking the Company’s entry into the energy sector. Post-acquisition, Presight commenced the financial consolidation of AIQ’s results effective 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 per cent 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 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.