Presight AI FY2023 net profit rises 5.1% driven by projects, global expansion

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Abu Dhabi-based Presight AI, a unit of Abu Dhabi’s G42 group, reported a strong financial performance for FY2023, showcasing consistent revenue growth and profitability.

Revenue surged 14.7 per cent year-on-year to Dhs1.78bn, while net profit grew 5.1 per cent to Dhs570.6m. The company’s Q4 performance saw revenues jumping by 23.3 per cent and net profit margin reaching 42.1 per cent.

Presight attributed its success to major domestic projects, including a multi-year contract with the National Emergency Crisis and Disaster Management Authority (NCEMA) and key agreements with Emirates Talent Competitive Council and the Statistics Council of Abu Dhabi.

The company maintains a strong financial position with a debt-free balance sheet and Dhs336.6m generated from operations in FY2023. This provides significant flexibility for future investments and expansion.

“We are proud of our FY2023 results, demonstrating organic growth and sector-leading profitability,” said Thomas Pramotedham , CEO of Presight. “Looking ahead, generative AI presents major opportunities, and we will launch a suite of GAI (Generative AI) solutions in 2024.”

FY2023 was a landmark year for Presight, marked by a successful listing on the Abu Dhabi Stock Exchange (ADX) and securing significant projects like the National Analytical Platform for Angola and the Centre of Excellence for Public Safety in Maldives.

Presight actively expanded its global reach through strategic partnerships in Central Asia, Southeast Asia, and the US.

These collaborations are expected to drive international growth in the coming years.