Abu Dhabi, UAE — Presight AI Holding recorded a revenue growth of 14.7 percent to AED 1.78 billion ($484 million) in 2023 and net profit growth of 5.1 percent to AED 570.6 million ($155 million).
In a statement today, the company said that the financial results were underpinned by major domestic project deployments throughout the year and more so in the last quarter of the year which lifted Q4’23 revenues by AED713.5 million, an increase of 23.3 percent over Q4’22.
In the same period Q4’23 net profit of AED300.6 million marginally increased by 0.4 percent over Q4’22. The Q4’23 net profit margin was 42.1 percent.
The company balance sheet remains highly liquid and debt free, providing significant financial flexibility to fund its operations and fuel future growth, it said in a statement. In 2023, AED336.6 million of cash was generated from operations.
Presight listed on the Abu Dhabi Stock Exchange on March 27, 2023, with an offering, excluding its corner stone investor, that was oversubscribed 136 times.