Presight AI, a unit of Abu Dhabi's G42 group focused on data analytics and artificial intelligence, recorded about 18 per cent annual rise in its third quarter profit driven by higher revenue.
Net profit attributable to owners of the company for the three months to the end of September climbed to Dh130.5 million ($35.5 million), the company said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
Revenue for the period rose to Dh553 million, up about 12 per cent compared to the same period last year.
“We delivered double-digit year-on-year growth, both in revenue and net profit for the year-to-date period ending September 30, 2023,” Thomas Pramotedham, chief executive of Presight AI, said. “Our order books are further strengthened with multi-year revenue contracts, securing future revenue and cash flows.”
The company, founded in 2020, sold more than 1.35 billion shares at Dh1.34 a share, equal to 24.24 per cent of the company’s stock upon listing in March this year.
The offering raised $496 million for the company and was oversubscribed 136 times on average, excluding the commitment from Presight’s cornerstone investor, International Holding Company.
Presight is based at the Abu Dhabi Global Market and focuses on three sectors that it says have significant potential for market growth – public services, finance and sports.
The company uses data analytics to predict environmental impact, enable efficient infrastructure use and transform educational results.
Presight has more than 10 flagship technology solutions, in excess of 100 AI models and clients on three continents.
The company is capitalising on rising demand for big data analytics. Its Transformative Analytics Quotient platform gathers and analyses multi-source data that helps forecasting to support decision-making.
“We continue to invest in the development of Presight’s big data analytics, software platforms and AI models to provide our customers with cutting-edge solutions across our key sectors,” Mr Pramotedham said.
The company’s nine-month profit rose about 11 per cent annually to nearly Dh269.5 million as revenue grew more than 9.6 per cent to more than Dh1 billion.
Presight generated Dh525 million cash from operations for the nine-month period, making its balance sheet highly liquid. The company said it continues to prioritise capital to drive geographical expansion, product development and inorganic acquisitions.
Recently, it announced a joint venture with Samruk Kazyna, the $70 billion sovereign wealth fund of Kazakhstan, to accelerate digital transformation in the country through the deployment of Presight’s AI and big data analytics solutions and technologies.
“This strengthens Presight’s leading position to capture the growing expenditure on digital transformation in Kazakhstan and Central Asia,” Mr Pramotedham said.
