Tech Domestic deals push Presight AI’s profit up 5% to $155m By Pramod Kumar February 8, 2024, 9:57 AM Presight/Supplied “The health of our balance sheet gives us the potential to accelerate our growth through future capital deployments," said Thomas Pramotedham, CEO of Presight Presight AI Holding, part of Abu Dhabi artificial intelligence group G42, said 2023 net profit rose 5.1 percent year on year to AED570.6 million ($155.35 million) in 2023, supported by major domestic project deployments. Revenue jumped 14.7 percent to AED1.78 billion last year from AED1.55 billion in 2022. Net profit rose marginally by 0.4 percent year on year to AED300.6 million in the fourth quarter of 2023. Revenues jumped 23.3 percent to AED713.5 million. STC unit buys 40% stake in Devoteam Middle East Abu Dhabi sets up council to regulate AI Saudi university developing AI for early diabetes detection Presight said its balance sheet remains highly liquid and debt free, offering it financial flexibility to fund its operations and fuel future growth. In 2023, AED336.6 million of cash was generated. “The 2023 numbers are backed by an additional AED1.56 billion of multi-year revenue contracts, which will support strong future revenue and cash flow,” said CEO Thomas Pramotedham. “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 AI expanded through partnerships and joint ventures with partners in central Asia, south-east Asia and the US. These partnerships are expected to drive international growth in 2024 and beyond. “We can see that generative AI, 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 generative AI solutions in 2024,” Pramotedham said. Presight was listed on the Abu Dhabi Stock Exchange on March 27, 2023, with its IPO oversubscribed 136 times.
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