Presight AI (PRESIGHT) Q1 2024 earnings summary

Executive summary

• Revenue for Q1 2024 reached AED 262.1 million, up from AED 226.2 million year-over-year.

• Net profit after tax for the period was AED 95.9 million, compared to AED 72.4 million in Q1 2023.

• The group operates primarily in artificial intelligence, machine learning, data analytics, and hosting, with all activities reported as a single segment.

Financial highlights

• Gross profit increased to AED 131.4 million from AED 100.1 million year-over-year.

• General, administrative, and marketing expenses rose to AED 53.1 million from AED 27.7 million.

• Cash and cash equivalents at 31 March 2024 were AED 1,953.1 million.

• Total assets stood at AED 4,102.6 million, with total equity of AED 3,129.3 million.

• Dividend of AED 17.9 million declared by a subsidiary to minority shareholders during the quarter.

Outlook and guidance

• The group’s first tax period under UAE’s new corporate tax regime began in 2024, with a 9% effective tax rate applied.

• A general meeting is scheduled for 21 May 2024 to approve the acquisition of a 51% stake in Matrix JVCO LTD (AIQ), pending shareholder and regulatory approval.