Presight AI Holding has announced its financial results for the full year ending 31 December 2024, reporting record revenue of AED 2,213 million, a 24.3 percent year-on-year increase. The company’s EBITDA grew by 25.2 percent to AED 635.4 million, while net profit after tax stood at AED 612.8 million, marking a 7.4% percentannual rise.
The company attributed its performance to an increase in multi-year contracts, strong new orders, and continued expansion into international markets. Revenue from global operations accounted for 23 percent of total earnings, growing 3.5 times year-on-year to AED 508.2 million. Presight also reported an AED 2.99 billion backlog at year-end.
Presight maintains a debt-free balance sheet with cash and equivalents totalling AED 1.94 billion, providing financial flexibility for future investments.
His Excellency Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Presight’s Board of Directors, said:
“Presight’s full-year results demonstrate strong execution against strategic objectives, namely international expansion, investing in capability and innovation, and growing through value-accretive M&A. At the heart of its business lies a commitment to leverage artificial intelligence to bring transformative benefits, across a diverse range of industries, that define a safer and more sustainable economic future.”
Thomas Pramotedham, Chief Executive Officer, Presight, said, “The past twelve months have been transformational for Presight. From establishing ourselves as a critical AI and digital transformation partner across key state-owned enterprises in the UAE, to supporting governments and large enterprises across four continents in realising their strategic AI ambitions.”
Presight has expanded its portfolio with new AI solutions, including the Presight Enterprise suite and Presight DataHub, the UAE’s first sovereign enterprise data marketplace. It also acquired a 51% stake in AIQ and launched ENERGYai, an AI-driven platform for the energy sector, with ADNOC committing to its deployment.
The company formed IntelliGrid, a joint venture with Esyasoft, which signed a 13-year, AED 1.76 billion agreement with SOCAR to implement a Smart Gas Grid Management System in Azerbaijan.
Presight also strengthened its partnerships with Microsoft, Dell, and Intel and received the “UAE AI Data Analytics Innovator of the Year” award from Dell Technologies.
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