Presight has released its financial results for the full year ending December 31, 2024. The company achieved record revenue of AED 2,213 million in FY 2024, a 24.3% increase compared to FY 2023. This growth is attributed to the company’s extensive offerings, investments, and expansion of international operations.
EBITDA grew by 25.2% YoY to AED 635.4 million, driven by a favorable deployment mix. Net profit after tax was AED 612.8 million, reflecting a 7.4% YoY increase despite the first year of Corporation Tax.
Presight’s top-line growth is bolstered by an increase in multi-year contracts, strong new orders, and international market expansion, contributing 23.0% of the company’s revenue and a 3.5x increase to AED 508.2 million.
The company’s balance sheet remains highly liquid and debt-free, with a cash and equivalents balance of AED 1.94 billion, providing financial flexibility for future growth.
His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of the Board of Directors of Presight, praised the company’s strong execution of strategic objectives, including international expansion, investment in capability and innovation, and growth through value-accretive M&A. He emphasized the company’s commitment to leveraging AI for transformative benefits across diverse industries.
Thomas Pramotedham, CEO of Presight, highlighted the company’s transformation over the past year, establishing itself as a critical AI and digital transformation partner. He noted the significant additions to the company’s AI products and solutions portfolio, including the Presight Enterprise suite, and the acquisition of a majority stake in AIQ. The launch of ENERGYai and the formation of the IntelliGrid joint venture position Presight as a key player in the global energy transition.
These results underscore Presight’s dedication to using technology and AI to solve complex problems and deliver significant value to all stakeholders. Pramotedham expressed gratitude for the support of the Board of Directors and the dedication of Presight’s employees.
