Presight AI, a unit of Abu Dhabi's G42 group focused on data analytics and artificial intelligence, recorded a 4.5 per cent annual rise in its second quarter profit on higher revenue.
Net profit attributable to owners of the company for the three months to the end of June climbed to Dh66.4 million ($18 million), the company said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
Revenue for the period rose about 8 per cent year-on-year to nearly Dh288 million.
“Operationally, since its inception in 2020, Presight has continued to execute strongly on its near-term and long-term strategy of solid top line growth, driving strong profitability and free cash flows, the key ingredients to increase shareholder value,” Thomas Pramotedham, chief executive of Presight AI, said.
“We recorded solid revenue and net margin year on growth and generated healthy cash flows. We continue to build our order books with multi-year revenue contracts, both domestic and international.”
The shares of Presight were listed on the Abu Dhabi bourse in May.
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, attracting Dh94.9 billion in bids for its IPO.
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 that supports decision-making.
During the coronavirus pandemic, the company supported the UAE government with analytics, helping it to keep its borders open. It also supported the country as it hosted the Expo 2020 Dubai.
“There continues to be tremendous interest and traction with our customers in the UAE and around the world for Presight’s omni-analytics all source platform powered by AI,” Mr Pramotedham said.
The company’s first-half profit rose about 5 per cent annually to nearly Dh139 million as revenue grew more than 7 per cent to Dh514 million.
The global generative AI market is forecast to reach $188.62 billion by 2032, growing at an annual rate of more than 36 per cent, from $8.65 billion last year, according to Brainy Insights.
