Skip to content Skip to Search
Skip navigation

Domestic deals push Presight AI’s profit up 5% to $155m  

By Pramod Kumar
Thomas Pramotedham, CEO at Presight, is confident the company can use its data analytics in the climate change sector 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. 

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.

Latest articles

Investors at the Dubai Financial Market. Drake & Scull was suspended from trading in 2018

Drake & Scull losses narrow before return to trading

Dubai contractor Drake & Scull International has trimmed its losses in the first quarter of this year as it nears the end of a drawn-out capital restructuring process. The Dubai-based utilities and infrastructure engineering company said in a press release accompanying disclosures to the Dubai Financial Market (DFM) that revenue jumped 55 percent year on […]

Gas Pump, Machine, Pump

Adnoc Distribution to expand as earnings rise

Adnoc Distribution plans to open 15 to 20 more fuelling stations in 2024 after opening eight in the UAE, Saudi Arabia and Egypt in the year so far. The expansion increased fuel and non-fuel sales, driving revenue up by over 9 percent year on year to AED8.7 billion ($2.4 billion) in the three months to […]

Patrick Pouyanné, CEO of TotalEnergies, said last month that he expects the first phase of the project to be completed in 2025

Iraq forges ahead with plans for first big solar plant

Iraq is proceeding with its first large-scale solar plant, which will be constructed by France’s TotalEnergies. The 1GW plant will be built in Basra, southern Iraq, as part of a $27 billion investment agreement for an integrated project that includes four oil, gas and renewables facilities. According to reports it will supply clean electricity equivalent […]

Architecture, Building, Factory Parkin said total revenue rose 8 percent to AED215.3 million, supported by an increase in public parking revenue parking cars motoring

Q1 profits rise 5% at Dubai’s Parkin

The Dubai government’s parking management company Parkin reported a 5 percent increase year on year in net earnings for the first quarter of 202. This is despite the introduction of a 9 percent standard corporate tax from January this year. Net profit rose to AED103.7 million ($28.2 million) in January to the end of March, […]