Presight Q1 pre-tax net profit jumps 45.8% to $28.75mln

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Presight AI Holding has posted a 45.8% jump in first-quarter pre-tax net profit to AED105.6 million ($28.75 million) with a pre-tax net margin of 40.3% underpinned by an increasing proportion of multi-year contracts.

Presight’s Q1 revenue was AED262.1 million, an increase of 15.9% (AED35.9 million) compared to the Q1 2023 revenue of AED226.2 million. Gross profit increased by 31.3% to AED131.4 million and EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortisation) increased by 9.6% to AED82.0 million, with a margin of 31.3%. 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 performance 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.

Backlog contracts

“In the first quarter, 94.0% of our revenue (AED246.4 million) came from multi-year contracts with 98.5% of revenue (AED258.2 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.

“I am also very encouraged that AED23.9 million of revenue in Q1 24 came from international markets compared to AED17.42 million in Q1 23, as creating an impact globally is core to our business model as we keep developing our world class products and services.”-