Domestic deals push Presight AI’s profit up 5% to $155m  

Domestic deals push Presight AI’s profit up 5% to $155m  

Presight AI Holding, part of Abu Dhabi artificial intelligence group G42, said 2023 net profit rose 5.1 percent year on year to AED570.6 million ($155.35 million) in 2023, supported by major domestic project deployments. Revenue jumped 14.7 percent to AED1.78 billion last year from AED1.55 billion in 2022. Net profit rose marginally by 0.4 percent year on year […]Presight AI Holding, part of Abu Dhabi artificial intelligence group G42, said 2023 net profit rose 5.1 percent year on year to AED570.6 million ($155.35 million) in 2023, supported by major domestic project deployments.

Revenue jumped 14.7 percent to AED1.78 billion last year from AED1.55 billion in 2022.

Net profit rose marginally by 0.4 percent year on year to AED300.6 million in the fourth quarter of 2023. Revenues jumped 23.3 percent to AED713.5 million. 

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Presight said its balance sheet remains highly liquid and debt free, offering it financial flexibility to fund its operations and fuel future growth. In 2023, AED336.6 million of cash was generated.

“The 2023 numbers are backed by an additional AED1.56 billion of multi-year revenue contracts, which will support strong future revenue and cash flow,” said CEO