Presight reports consistent revenue growth with revenues up 14.7%

Presight reports consistent revenue growth with revenues up 14.7%

ABU DHABI: Presight AI Holding PLC today announced its fiscal year 2023 (FY2023) results, which showed strong, consistent revenue growth with revenues up 14.7 percent (+AED 228.6 million) to AED1,780.6 million compared with FY2022. The net profit increased by 5.1% (+AED 27.6 million) over the same period, with FY2023 net profit of AED570.6 million compared to AED543.0 million for FY2022. The net profit margin in FY2023 was 32.0%.

In a statement today, the company said that the financial results were underpinned by major domestic project deployments throughout the year and more so in the last quarter of the year which lifted Q4’23 revenues by AED713.5 million, an increase of 23.3 percent over Q4’22. In the same period Q4’23 net profit (AED300.6 million) marginally increased by 0.4% over Q4’22. The Q4’23 net profit margin was 42.1%.

The company balance sheet remains highly liquid and debt free, providing significant financial flexibility to fund its operations and fuel future growth. In FY2023 AED336.6 million of cash was generated from operations.

Thomas Pramotedham, Chief Executive Officer of Presight, commented, “In this transformational year which saw us list on ADX (in March 2023), we can be very proud of the FY2023 results. They demonstrate strong and sequential organic