Presight FY 2024 revenue grows 24% on the back of strong sales
G42 company continues to expand internationally into more global markets
#UAE #ADX - Presight AI Holding PLC, listed on Abu Dhabi Securities Exchange as ADX: PRESIGHT, today announced its financial results for the full year ending December 31, 2024. A G42 group company, Presight’s FY 2024 results saw record revenue of AED 2,213 million ($603m), an increase of 24.3% compared to FY 2023. According to the company, top-line performance came on the back of a growing number of multi-year contracts, strong new orders, as well as expansion across international markets. Foreign markets contributed 23.0% of Presight’s revenue and booked a 3.5x increase to AED 508.2 million ($138m) in FY 2024.
Presigt reported net profit after tax of AED 612.8 million ($140m), reflecting an increase of 7.4% YoY in FY 2024, including a maiden year of Corporation Tax.
SO WHAT? - The GCC region now has a growing number of homegrown AI ventures, backed by private equity, established commercial groups and government investment companies. However, nearly all of these ventures rely on domestic sales, often principally with customers that are existing stakeholders in the AI companies themselves. Presight is one of the few regional AI firms that has achieved significant sales and growth outside of its home country, and for this reason international sales appears to be a significant potential source of revenue growth for 2025.
According to a Presight media statement 2024 business highlights include:
Presight AI Holdings PLC renewed existing and negotiated new domestic/international contracts with a value of AED 3.6 billion ($980m).
Forged strong technology partnerships, including global technology leaders such as Microsoft, Dell and Intel, to further enhance our technology portfolio and accelerate ‘Applied Intelligence’ AI projects across the region.
The company acquired 51% of AIQ, another G42 group company and a leading provider of AI solutions in the energy sector.
Through AIQ, launched ENERGYai, a first-of-its-kind Agentic AI platform for the Energy sector. ADNOC has committed to deploy ENERGYai across its entire upstream value chain.
Formed IntelliGrid, a joint venture between Esyasoft and Presight, which signed a 13-year, AED 1.76 billion preliminary agreement with SOCAR, the state-owned national oil and gas company of Azerbaijan, to implement a state-of-the-art Smart Gas Grid Management System across the entire AzeriGas service area in Azerbaijan.
Launched cutting-edge AI and Applied AI products and solutions, including the sector and scale agnostic Presight Enterprise suite and Presight Intelli-Platform underpinning a raft of a scalable, adaptable Smart City solutions.
Launched Presight DataHub, the UAE’s first sovereign enterprise data marketplace platform and Presight AI-Startup Accelerator Program.
Strengthened membership of our Board of Directors, bringing unrivalled leadership, guidance and expertise across the AI, Technology, and Energy sectors.
Received the “UAE AI Data Analytics Innovator of the Year” Award by Dell Technologies.
Maintained the highest standards of corporate governance, manifested in the award of nine ISO certifications.
ZOOM OUT - Founded in 2020 by Abu Dhabi-based AI powerhouse G42, Presight is now the region’s leading international big data analytics company with a focus on the public sector and other strategic industries such as energy and healthcare. Over the past two years the company has made significant inroads into international markets, in particular in Central Asia and Africa. Combining the power of big data, analytics, and AI expertise, Presight has established itself as a government and public sector specialist selling to countries that seek to emulate the UAE’s success in digitisation.
LINKS
Presight 2024 results press release (Presight)
Presight investor information (Presight)