Presight AI (PRESIGHT) Q4 2024 earnings summary

Executive summary

• Achieved record financial and operational performance in 2024, with revenue up 24.3% to AED 2,213 million, AED 3.6 billion in new orders, and major international expansion across the GCC, Africa, and Western Asia.

• Strategic alliances and joint ventures were formed with global technology leaders such as Intel, Dell, Microsoft, and the Intelligrid JV, accelerating AI adoption and innovation, especially in the energy sector.

• Major product launches included ENERGYai, the first agentic AI solution for the energy value chain, the Enterprise AI suite, and DataHub, UAE's first sovereign enterprise data marketplace.

• Acquired a 51% majority stake in AIQ, enhancing AI-driven energy solutions and sector diversification.

• Workforce scaled with 80% technical staff and board expanded to seven members, including a new chairman with deep sector expertise.

Financial highlights

• FY 2024 revenue grew 24.3% year-over-year to AED 2,213 million; Q4 revenue up 46.2% year-over-year, both ahead of market expectations.

• EBITDA increased 25.2% to AED 635.4 million, with a full-year margin of 28.7% and Q4 margin of 35.1%.

• Net profit before tax rose 18% year-over-year; post-tax profit increased 7.4% to AED 612.8 million, with normalized growth around 18% adjusting for new UAE corporate tax.

• Cash and cash equivalents stood at AED 1.94 billion at year-end, debt-free, despite AED 1.28–1.3 billion outflow for AIQ acquisition.

• Backlog at year-end was AED 2.99 billion, rising to AED 4.76 billion pro forma including the SOCAR agreement.

Outlook and guidance

• Medium-term guidance raised: group revenue CAGR of 19%-25%, EBITDA CAGR of 16%-21%, and post-tax profit CAGR of 6%-11% (reflecting a tax rate increase from 9% to 15% in 2025).

• Over 90% of forecast revenue growth expected from multi-year contracts.

• International revenue expected to exceed 30% in the medium term, targeting a 40/60 international/domestic split.

• Energy sector projected to contribute about 30% of business as diversification continues.

• Continued focus on international expansion, product innovation, and value-accretive M&A.