Q1 24 revenue growth of 15.9% YoY, ahead of the 14.7% growth achieved in FY 2023
Q1 24 net profit before tax +45.8% YoY with pre-tax net margin increasing by 8.3% YoY to 40.3%
Abu Dhabi, UAE 8th May 2024 – Presight AI Holding PLC today announces its first quarter results for the three months ending March 31, 2024, with strong growth in year-on-year revenue and profitability underpinned by an increasing proportion of multi-year contracts.
Presight’s Q1 24 revenue was AED 262.1 million, an increase of 15.9% (AED 35.9 million) compared to the Q1 23 revenue of AED 226.2 million. Net profit before tax for Q1 24 was AED 105.6 million, a 45.8% step-up from Q1 23 (AED 72.4 million), with a pre-tax net margin of 40.3% compared to 32.0% in the prior comparable quarter.
Gross profit increased by 31.3% to AED 131.4 million and EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortization) increased by 9.6% to AED 82.0 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 realizing their digital ambitions.
“In the first quarter, 94.0% of our revenue (AED 246.4 million) came from multi-year contracts with 98.5% of revenue (AED 258.2 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 AED 23.9 million of revenue in Q1 24 came from international markets compared to AED 17.42 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.”
