- Q3 FY23 revenue up 11.8% to AED 553.1M compared to AED 494.9M in Q3 FY22
- Q3 FY23 net profit increased 17.5% compared to Q3 FY22, reaching AED 130.5M
- Revenue for the first three quarters of FY23 passed AED 1 billion
Abu Dhabi, UAE 7th November 2023 – 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.
For more information about Presight please go to the investor relations section of the Presight website at https://www.presight.ai/ir/
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.
These forward-looking statements include all matters that are not historical facts. They may appear in multiple places throughout this announcement and include statements regarding the intentions, beliefs or current expectations of the Company concerning, among other things, the future results of operations, financial condition, prospects, growth, strategies, and dividend policy of the Company and the industry in which it operates. In particular, the statements in relation to risk factors and business background regarding the Company’s strategy, targets and other future events or prospects are or may be forward-looking statements.
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.
Accordingly, undue reliance should not be placed on any of the forward-looking statements in this announcement. Statements contained herein as to the contents of any agreements or other documents are summaries and, therefore, are necessarily selective and incomplete.