Presight AI Holding, the region’s leading big data analytics company powered by generative AI, has announced strong growth in year-on-year revenue and profitability, supported by multi-year contracts, a positive deployment mix, and contributions from AIQ.
For the six-month period ending June 30, 2024, Presight reported a 17.4% increase in revenue, reaching AED603.5 million ($164 million), more than double the revenue growth rate achieved in the same period last year. Pre-tax profit for H1 2024 grew by 39.1%, hitting AED193.9 million, while Q2 2024 profit before tax increased by 31.9% year-on-year. The Abu Dhabi-based group saw its Q2 revenue rise by 18.7% year-on-year, reaching AED341.4 million.
Earnings before interest, tax, depreciation, and amortization (EBITDA) for the first half of 2024 increased by 25.8% to AED153.9 million, with a 51.2% year-on-year growth in Q2 2024. Excluding AIQ, Presight achieved double-digit revenue growth, high single-digit EBITDA growth across both quarters, and a 24.5% increase in pre-tax profit.
In June 2024, Presight acquired a 51% stake in AIQ, marking its entry into the energy sector. Following the acquisition, Presight began financial consolidation of AIQ’s results from June 2024.
Significant highlights from H1 2024 included new technology partnerships with Intel, Dell, and Obvious Technologies; new Enterprise AI product launches; and contracts with the UAE Accountability Authority (UAEAA), Abu Dhabi Accountability Authority (ADAA), and the Ministry of Education (MoE). Additionally, Presight announced the formation of IntelliGrid, a joint venture with Esyasoft Technology, aimed at advancing AI technology in electricity, water, and gas sectors.
CEO Thomas Pramotedham commented, “The past six months have been transformational for Presight, with new agreements and partnerships that help us support governments worldwide in realizing their digital ambitions sustainably. We launched new enterprise-level products and solutions that facilitate 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.”
“We are honored to have Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, as Presight’s Chairman. His visionary leadership is instrumental in fast-tracking the global energy transition,” stated Pramotedham.
“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,” he added.
