Presight sees H1 revenue rise 80%, lifts outlook on strong backlog

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Presight AI  has reported an 80.2 per cent rise in H1 revenue to Dhs1.09bn, driven by strong domestic growth and accelerating international expansion, and upgraded its medium-term outlook.

Organic revenue, excluding the contribution from AIQ, grew 33.5 per cent year-on-year.

EBITDA increased 59.6 per cent to Dhs245.5m, while net profit rose 18.8 per cent to Dhs209.7m.

Q2 revenue climbed 53.5 per cent to Dhs 523.9m, with organic growth accounting for 19.7 per cent.

Quarterly EBITDA rose 45.5 per cent to Dhs104.5m and net profit was up 11.5 per cent at Dhs89.7m, reflecting the impact of the 15 per cent corporate tax rate.

International markets contributed 26.8 per cent of Q2 revenue, up sharply from 4.9 per cent a year earlier. New orders worth Dhs304 m brought the backlog to Dhs3.7bn, more than triple last year’s level. The company ended the period with Dhs2bn in cash and no debt.

Presight upgrades guidance

Citing strong performance, a robust order backlog and a growing share of multi-year contracts, Presight raised its compound annual growth guidance for 2023-2027:

• Group revenue growth of 21 to 27 per cent (previously 19 to 25 per cent)
• Group EBITDA growth of 17 to 22 per cent (previously 16 to 21 per cent)
• Group post-tax profit growth of 7 to 12 per cent at a 15 per cent tax rate (previously 6 to 11 per cent)

Contract wins and overseas push

In the UAE, Presight signed contracts with the National Media Office and the Media Council, and agreed a strategic cooperation with the Abu Dhabi Department of Energy to develop AD.WE, an AI-powered energy and water management platform for nationwide deployment.

Internationally, the company advanced its growth agenda in Asia and Africa. In Malaysia, it reached a landmark deal supporting the Madani AI initiative, while in Uganda it prepared to roll out a national digital government programme. Presight also opened an office in Astana, Kazakhstan, expanding energy sector partnerships via its majority-owned AIQ unit.

“Our first-half performance demonstrates that Presight continues to grow both domestically and internationally,” said CEO Thomas Pramotedham. “Our backlog is three times larger than it was a year ago, and our sovereign partnerships continue to deepen.

“Our international expansion across high-growth markets in the Middle East, Asia and Africa… continues to be a material part of our growth trajectory. With disciplined execution, new AI platforms coming to market and a deep pool of talent, we are on track to meet our commercial objectives and to compete on a global stage.”

Innovation and new initiatives

During the period, Presight launched the first cohort of its AI-Startup Accelerator and, after the reporting period, rolled out a series of initiatives including an AI-Policing Suite in cooperation with Abu Dhabi Police.

Read: AI-enabled law enforcement: How Presight, Abu Dhabi Police aim to cooperate

It also agreed a joint venture with the Central Bank of the UAE to develop sovereign AI-native financial infrastructure, and signed an MoU with Dow Jones to create AI-driven risk and compliance solutions for global financial institutions, regulators and sovereign entities.

With a debt-free balance sheet and strategic global partnerships, Presight said it is positioned for continued growth by delivering sovereign AI solutions more quickly, deepening client relationships and driving value in key markets.

The company’s applied intelligence solutions could benefit from expanding UAE-US technology collaboration and the UAE’s AI partnerships aimed at advancing global communities.