Presight AI Holding PLC, an Abu Dhabi Securities Exchange (ADX) listed company, announced a 17.5% increase in its Q3 FY2023 net profit to AED 130.5 million ($35.53 million) on Wednesday. The company also reported a revenue jump of 11.8% to AED 553.1 million ($150.58 million) for the same period, with the year-to-date revenue surpassing AED 1 billion ($272.25 million).
The company’s CEO, Thomas Pramotedham, attributed this growth to strengthened order books through multi-year revenue contracts and a rising demand for AI technologies. He emphasized that these contracts secure future revenues and cash flows while taking advantage of the increasing demand for AI-centric technologies.
In response to this growing demand, Presight has ramped up investments in generative AI solutions. The company is leveraging strategic partnerships with G42, Microsoft (NASDAQ:MSFT), and OpenAI to develop these solutions tailored for the public sector and large enterprises.
These developments were showcased at the GITEX GLOBAL 2023 event, highlighting Presight’s commitment to advancing AI technology. The company’s performance at the event underscored the relevance of its AI solutions for both public sector and large enterprises.
Expanding its global footprint, Presight has entered into a joint venture with Samruk Kazyna, Kazakhstan’s Sovereign Wealth Fund. This partnership aims to expedite digital transformation in Kazakhstan through AI and big data analytics solutions. As part of its expansion in Central Asia, Presight has opened new branch offices in Kazakhstan and Azerbaijan.
The company’s role in crisis management was recently recognized when it was awarded a contract by the UAE’s National Crisis & Emergency Management Authority (NCEMA). The contract entails enhancing UAE’s emergency management capabilities using Presight’s AI-powered big data analytics, further reinforcing the significance of its AI solutions.
Source : Investing
