Presight AI Holding PLC announced its results for the first half of the year ending 30th June 2024, showcasing significant year-on-year growth in both revenue and profitability.
Presight’s revenue for H1 2024 increased by 17.4 percent year-on-year, reaching AED 603.5M, more than doubling the growth rate of the same period last year. Revenue for Q2 2024 saw an 18.7 percent year-on-year rise to AED 341.4M.
EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortisation) for the first half of the year rose by 25.8 percent to AED 153.9M, with a 51.2 percent year-on-year increase in Q2 2024. Pre-tax profit for H1 2024 was up by 39.1 percent to AED 193.9M, while Q2 2024 saw a 31.9 percent year-on-year growth in pre-tax profit.
In June 2024, Presight finalised the acquisition of a 51 percent stake in AIQ, marking its entry into the energy sector. Following the acquisition, Presight began financial consolidation of AIQ’s results from June 2024. Excluding AIQ, Presight achieved double-digit revenue growth in H1 2024, high single-digit EBITDA growth, with growth across both quarters surpassing the comparable periods last year, and a 24.5 percent increase in pre-tax profit.
Other highlights in the first half of 2024 included the signing of new technology partnerships with Intel, Dell, and Obvious Technologies; the launch of new Enterprise AI products; and three new contracts with the UAE Accountability Authority (UAEAA), Abu Dhabi Accountability Authority (ADAA), and the Ministry of Education (MoE). Presight also announced the formation of IntelliGrid, a new joint venture with Esyasoft Technology, aimed at facilitating a seamless technological and AI transition in the sectors of electricity, water, and gas.
Thomas Pramotedham, Chief Executive Officer, commented, “The past six months have been transformational for Presight, with new agreements and partnerships enabling us to support governments worldwide in sustainably realising their digital ambitions. We have launched new enterprise-level products and solutions that support large-scale deployment of Generative AI technology, and acquired a majority stake in AIQ, reinforcing our commitment to creating safer and more sustainable societies through AI problem-solving.
His wealth of experience and visionary leadership have been instrumental in helping us fast-track the energy transition globally. I am grateful for the continued dedication of all our colleagues across the Group in achieving this strong first half performance and look forward to further progress in the second half and beyond,” Pramotedham added.
