Presight Announces Strong Performance as it Crosses AED 1 Billion in Revenue for first three Quarters of FY2023
Presight AI Holding PLC (“Presight” or the “Company”), (ADX: PRESIGHT) today announced strong financial performance for Q3 FY2023 and year-to-date Q3 FY2023, continuing the company’s robust growth trajectory and potential as highlighted at the time of it’s listing on Abu Dhabi Securities Exchange (ADX) in March this year.
Presight’s Q3 FY2023 net profit was AED 130.5 million, an increase of 17.5% (AED19.4 million) compared to Q3 2022 net profit of AED 111.1 million. Revenue for Q3 FY23 reached AED 553.1 million, up 11.8% (AED58.2 million) compared to AED 494.9 million for Q3 FY22. Net profit percentage also improved to 23.6% in Q3 FY23 from 22.4% in Q3 FY22.
The year to date (“YTD”) net profit for the three quarters ending 30th September 2023 increased by 10.8% (AED 26.4 million); to AED 270.0 million as compared to AED 243.6 million for the same YTD Q3 period in FY2022. Presight surpassed AED 1 billion in revenue for the first three quarters of 2023.
Thomas Pramotedham, Chief Executive Officer of Presight, commented:
“We are pleased to report a strong Q3 FY2023 and year-to-date Q3 FY2023 financial performance. Our order books are further strengthened with multi-year revenue contracts, securing future revenue and cash flows. Customer orders exceeded AED1bn in the first three quarters of FY2023, which we expect to set a good pace of growth ahead.
“As demand for AI centric technologies and solutions continues to increase exponentially, Presight is well positioned to capture this growth in the UAE, regionally and internationally through our existing solutions. We have also doubled down our R&D investments to launch an enhanced suite of generative AI solutions for the public sector and large enterprises, further leveraging our extended partnerships through G42 with Microsoft and OpenAI. The strong demand that Presight received at the recent GITEX GLOBAL 2023 showcase is testament to our AI centric solutions being key revenue drivers ahead. ” Mr. Pramotedham added.
The company recently announced a joint venture with Samruk Kazyna, the Sovereign Wealth Fund of the Republic of Kazakhstan, to accelerate digital transformation in Kazakhstan through the deployment of Presight’s AI and big data analytics solutions and technologies. New branch offices have been set up in Kazakhstan and Azerbaijan to strengthen Presight’s position in Central Asia.
Presight was also recently awarded a 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, evidencing the mission critical nature of the company’s products and solutions.
