Presight AI Holding, the region's top big data analytics company powered by generative AI, has reported strong growth in year-on-year revenue and profitability, underpinned by multi-year contracts, positive deployment mix, and the contribution from AIQ.

 

Announcing the results for the six-month period ended June 30, 2024, Presight said its revenue grew 17.4% year-on-year, to hit AED603.5 million ($164 million), more than twice the level of revenue growth achieved in the same period last year.

 

Its pre-tax profit for H1 2024 recorded a 39.1% growth to hit AED193.9 million, while Q2 2024 profit before tax grew by 31.9% year-on-year.

 

The Abu Dhabi-based group saw its Q2 revenue increase by 18.7% year-on-year to hit AED341.4 million.

 

Ebitda (earnings before interest, tax, depreciation, and amortization) for the first half increased by 25.8% to AED153.9 million, with 51.2% growth year-on-year in Q2 2024. Pre-tax profit for H1 2024 was up 39.1% to AED193.9 million, while Q2 2024 profit before tax grew by 31.9% year-on-year.

 

In June 2024, Presight completed the acquisition of a 51% stake in AIQ, marking the company’s entry into the energy sector. 

 

Post the acquisition, Presight commenced the financial consolidation of AIQ’s results effective from June 2024. Excluding AIQ, Presight achieved double-digit revenue growth in H1 2024, high single-digit ebitda growth with growth across both quarters exceeding the comparable periods last year, and a 24.5% increase in profit before tax.

 

Other highlights in the first half of 2024 included signing new technology partnerships with Intel, Dell and Obvious Technologies; new Enterprise AI product launches; and three new contracts with the UAE Accountability Authority (UAEAA), Abu Dhabi Accountability Authority (ADAA) and the Ministry of Education (MoE). 

 

Presight also announced the formation of IntelliGrid - a new joint venture with Esyasoft Technology - aimed at facilitating a seamless technological and AI transition in the areas of electricity, water, and gas.

 

On the solid results, CEO Thomas Pramotedham, said: "The past six months have been transformational for Presight, with new agreements and partnerships that help us to support governments around the world in sustainably realizing their digital ambitions, launching new enterprise-level products and solutions that support large-scale deployment of Generative AI technology, and the acquisition of a majority stake in AIQ, which reinforces our commitment to create safer and more sustainable societies through AI problem-solving."

 

"We are honoured to have Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, as Presight’s Chairman, with his wealth of experience and visionary leadership instrumental in helping us to fast track the energy transition globally," stated Pramotedham. 

 

"I am grateful for the continued dedication of all our colleagues across the Group in achieving this strong first half performance and look forward to further progress in the second half and beyond," he added.-TradeArabia News Service