Presight AI Holding announced its results for the nine months ending 30th September 2024 with a 16.2% YOY increase in pre-tax profit at AED 313.8 million. The company’s revenue for the first nine months of the year stood at AED 1.17 billion, up by 9.6%.
A statement from the company said that its results reflected positive mix and a robust performance from AIQ which increased profitability, strong cash flow conversion, and further agreements, product launches and initiatives to accelerate future growth. Presight acquired a 51% stake in AIQ in June 2024, bolstering the company’s presence in the energy sector.
During the first nine months, the company’s order book increased by AED 1.14 billion (of which AED 1.0 billion in Q324), with backlog of AED 1.58 billion at the end of September 2024.
EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortization) for the first nine months increased by 16.5% to AED 269.1 million, with 6.1% growth in Q324.
Presight said it made continued progress across its strategic objectives during the third quarter winning new international and domestic contracts, forging new technology partnerships, and launching new GenAI-centric solutions. Shortly after the period end, it also launched the UAE’s first sovereign enterprise data marketplace platform and an AI-Startup Accelerator Program.
Key highlights from Q324 included new domestic contracts with a government entity in Abu Dhabi, including the first commercial contract for ‘Presight Vitruvian’ to deliver an audit automation platform, and a new contract between AIQ and ADNOC to implement and deploy ENERGYai, world’s first-of-its-kind custom-built agentic AI solution for the global energy transformation; and a new multi-year contract with the Abu Dhabi Department of Economic Development
More recently, Presight has been recognised as the AI technology partner for several major UAE State-Owned Enterprises (SOEs), including Etihad Rail, AD Ports Group Digital Cluster’s Maqta Gateway, Masdar, Nawah Energy Company, and the Integrated Transport Centre (Abu Dhabi Mobility). Through these partnerships, Presight is spearheading innovative AI solutions that enhance efficiency and sustainability across critical national sectors. Key initiatives include AI-driven logistics optimisation for Etihad Rail, AI-based global asset management tool for its renewable energy projects for Masdar’s renewable energy projects, and Smart City advancements with the ITC.
Internationally, Presight signed a multi-year contract with Jordan’s Ministry of Digital Economy and Entrepreneurship (MODEE), an MoU with the Ministry of Science, Technology and Innovation of the Republic of Colombia to collaborate on joint research, and new technology partnerships with SwissAI, and IDEMIA Smart Identity.
“Our third quarter continued the trend witnessed in the first half of the year, namely winning new domestic and international contracts, and concluding wide-ranging agreements and partnerships. We are bringing ‘Applied Intelligence’ to the private and public sector, accelerating the adoption of advanced AI capabilities and launching cutting-edge Applied AI products and solutions that expand our international footprint and support our long-term growth ambitions.”, said Thomas Pramotedham, Chief Executive Officer of Presight.
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