ABU DHABI: Presight AI Holding PLC today announced its first quarter results for the three months ending March 31, 2024, with strong growth in year-on-year revenue and profitability underpinned by an increasing proportion of multi-year contracts.
Presight’s Q1 24 revenue was AED 262.1 million, an increase of 15.9 percent (AED 35.9 million) compared to the Q1 23 revenue of AED 226.2 million. Net profit before tax for Q1 24 was AED 105.6 million, a 45.8 percent step-up from Q1 23 (AED 72.4 million), with a pre-tax net margin of 40.3 percent compared to 32.0 percent in the prior comparable quarter.
Gross profit increased by 31.3 percent to AED 131.4 million and EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortization) increased by 9.6 percent to AED 82.0 million, with a margin of 31.3 percent. This included the planned phasing of incremental personnel and marketing costs in the first quarter to meet expected demand growth in H2.
Thomas Pramotedham, Chief Executive Officer, commented, ‘Our perform
ance during Q1 marks a strong start to 2024, with new agreements and partnerships to help transform public safety, create the smart cities of the future, and support governments around the world in sustainably realising their digital ambitions.
‘In the first quarter, 94.0 percent of our revenue (AED 246.4 million) came from multi-year contracts with 98.5 percent of revenue (AED 258.2 million) from ‘backlog contracts’ (contracts won in prior years), which combined with our debt-free balance sheet gives us significant financial flexibility to fund future organic and inorganic growth.
Source: Emirates News Agency