UAE - Presight AI Holding’s nine-month net profit rose 10.8% to AED270 million ($73.5 million) on the back of solid revenue, which crossed AED1 billion ($270 million).

Meanwhile, Presight’s third-quarter (Q3) net profit was AED130.5 million, an increase of 17.5% (AED19.4 million) compared to Q3 2022 net profit of AED111.1 million.

Revenue for Q3 reached AED553.1 million, up 11.8% (AED58.2 million) compared to AED494.9 million for Q3 FY22. Net profit percentage also improved to 23.6% in Q3 FY23 from 22.4% in Q3 FY22.

Thomas Pramotedham, Chief Executive Officer of Presight, commented: “We are pleased to report a strong Q3 2023 and year-to-date 9M financial performance. Our order books are further strengthened with multi-year revenue contracts, securing future revenue and cash flows. Customer orders exceeded AED1 billion in the first three quarters of 2023, which we expect to set a good pace of growth ahead.

Well positioned

"As demand for AI centric technologies and solutions continues to increase exponentially, Presight is well positioned to capture this growth in the UAE, regionally and internationally through our existing solutions. We have also doubled down our R&D investments to launch an enhanced suite of generative AI solutions for the public sector and large enterprises, further leveraging our extended partnerships through G42 with Microsoft and OpenAI. The strong demand that Presight received at the recent Gitex Global 2023 showcase is testament to our AI centric solutions being key revenue drivers ahead," Pramotedham added.

The company recently announced a joint venture with Samruk Kazyna, the Sovereign Wealth Fund of the Republic of Kazakhstan, to accelerate digital transformation in Kazakhstan through the deployment of Presight’s AI and big data analytics solutions and technologies. New branch offices have been set up in Kazakhstan and Azerbaijan to strengthen Presight’s position in Central Asia.

Presight was also recently awarded a contract by the National Emergency Crisis and Disaster Management Authority (NCEMA) to enhance the UAE’s management of any crisis and emergency situations using big data analytics powered by AI, evidencing the mission critical nature of the company’s products and solutions. 

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