Presight AI (PRESIGHT) Q3 2024 earnings summary

Executive summary

• Achieved strong operational momentum in Q3 2024 with new contracts, partnerships, and product launches, including generative AI solutions and expansion into energy and smart city sectors.

• Secured AED 1.0bn ($273m) in new multi-year contracts in Q3 2024, expanding both domestic and international presence.

• The group operates primarily in artificial intelligence, machine learning, data analytics, and hosting, with all products and services under a single segment.

• Report covers the nine-month period ended 30 September 2024, prepared in accordance with IAS 34 and reviewed by Deloitte, with no material misstatements identified.

• Launched innovative products such as Vitruvian, Connect, Intelli Platform, and Energyai, targeting digital transformation and sustainability.

Financial highlights

• 9M 2024 revenue grew 9.6% year-over-year, or 21.3% adjusting for re-phased international deployment.

• Revenue for the nine months was AED 1,169.8 million, up from AED 1,067.0 million year-over-year.

• EBITDA increased 16.5% year-over-year, with margin expansion of 136bps to 23.0%.

• Net profit after tax for the period was AED 285.5 million, compared to AED 270.0 million in the prior year.

• Order book increased by AED 1.14bn year-to-date, with a backlog of AED 1.58bn as of September 2024.

Outlook and guidance

• Full year 2024 results expected to align with current analyst consensus forecasts.

• Revenue guidance for FY2024: AED 2,173m–2,273m (+24.8% YoY); EBITDA: AED 565m–604m (+15.1% YoY); Profit after tax: AED 555m–601m (+1.3% YoY, reflecting new UAE corporate tax impact).

• The group has a strong backlog, with AED 1,578.6 million in unsatisfied performance obligations, of which AED 1,011.2 million is expected to be recognized within one year.

• Management anticipates no material impact from new IFRS standards not yet effective.