Presight announces profitable and consistent FY2023 growth, as it closes out its first year post listing

Presight announces profitable and consistent FY2023 growth, as it closes out its first year post listing

- FY2023 net profit increased 5.1% to AED 570.6M compared to FY2022 at AED 543.0M

- Q4’23 revenue (AED 713.5M) increased by 23.3% over Q4’22 as major domestic projects went live

Abu Dhabi, UAE – Presight AI Holding PLC (“Presight”, ADX: PRESIGHT) today announced its FY2023 results, which showed strong, consistent revenue growth with revenues up 14.7% (+AED 228.6M) to AED 1,780.6M compared with FY2022. Net Profit increased by 5.1% (+AED 27.6M) over the same period, with FY2023 Net Profit of AED 570.6M compared to AED 543.0M for FY2022. FY2023 Net Profit margin was 32.0%.

The FY2023 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 AED 713.5M - an increase of 23.3% over Q4’22. In the same period Q4’23 Net Profit (AED 300.6M) marginally increased by 0.4% over Q4’22. The Q4’23 Net Profit margin was 42.1%.

The Company’s balance sheet remains highly liquid and debt free, providing Presight with significant financial flexibility to fund its operations and fuel future growth. In FY2023 AED 336.6M of cash was generated from operations.

Thomas Pramotedham, Chief Executive Officer of Presight, commented: “In this transformational year which saw us list on