Q1 24 revenue growth of 15.9% YoY, ahead of the 14.7% growth achieved in FY 2023

Q1 24 net profit before tax +45.8% YoY with pre-tax net margin increasing by 8.3% YoY to 40.3%

Abu Dhabi, UAE – Presight AI Holding PLC (“Presight” or the “Company”), (ADX: PRESIGHT) today announces its first quarter results for the three months ending March 31, 2024, with strong growth in year-on-year revenue and profitability underpinned by an increasing proportion of multi-year contracts.

Presight’s Q1 24 revenue was AED 262.1 million, an increase of 15.9% (AED 35.9 million) compared to the Q1 23 revenue of AED 226.2 million. Net profit before tax for Q1 24 was AED 105.6 million, a 45.8% step-up from Q1 23 (AED 72.4 million), with a pre-tax net margin of 40.3% compared to 32.0% in the prior comparable quarter.

Gross profit increased by 31.3% to AED 131.4 million and EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortization) increased by 9.6% to AED 82.0 million, with a margin of 31.3%. This included the planned phasing of incremental personnel and marketing costs in the first quarter to meet expected demand growth in H2.

Thomas Pramotedham, Chief Executive Officer, commented: “Our performance during Q1 marks a strong start to 2024, with new agreements and partnerships to help transform public safety, create the smart cities of the future, and support governments around the world in sustainably realizing their digital ambitions.

“In the first quarter, 94.0% of our revenue (AED 246.4 million) came from multi-year contracts with 98.5% of revenue (AED 258.2 million) from “backlog contracts” (contracts won in prior years), which combined with our debt-free balance sheet gives us significant financial flexibility to fund future organic and inorganic growth.

“I am also very encouraged that AED 23.9 million of revenue in Q1 24 came from international markets compared to AED 17.42 million in Q1 23, as creating an impact globally is core to our business model as we keep developing our world class products and services.”

For more information about Presight please go to the investor relations section of the Presight website at https://www.presight.ai/ir/


About Presight

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.

For media enquiries, email media@presight.ai
For IR enquiries, email: investors@presight.ai

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.

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