Presight AI’s Big Success in 2024: New Deals and Big Growth
Presight AI Holding PLC announced impressive results for the first half of 2024, showing strong growth in revenue and profitability. The company’s revenue grew by 17.4% year-on-year, reaching AED 603.5 million, and their EBITDA increased by 25.8% to AED 153.9 million.
In June 2024, Presight acquired a 51% stake in AIQ, marking their entry into the energy sector. They also formed new partnerships with Intel, Dell, and Obvious Technologies, and launched new Enterprise AI products. Additionally, they signed three new contracts with the UAE Accountability Authority, Abu Dhabi Accountability Authority, and the Ministry of Education.
Presight’s CEO, Thomas Pramotedham, highlighted the company’s commitment to supporting governments in their digital ambitions and creating sustainable societies through AI. He also praised the leadership of Sultan bin Ahmed Al Jaber, Presight’s Chairman, for helping to fast-track the energy transition globally.
Pramotedham expressed gratitude for the dedication of all colleagues across the Group and looked forward to further progress in the second half of the year and beyond.
Doubts Revealed
Presight AI -: Presight AI is a company that uses artificial intelligence (AI) to help other businesses improve their operations and make better decisions.
PLC -: PLC stands for Public Limited Company. It means that the company is publicly traded and people can buy shares of it on the stock market.
revenue -: Revenue is the total amount of money a company makes from selling its products or services.
EBITDA -: EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization. It’s a way to measure how much money a company makes from its regular business activities.
stake -: A stake means owning a part of a company. If you have a 51% stake, you own more than half of the company.
AIQ -: AIQ is another company that works with artificial intelligence. Presight AI bought more than half of this company.
energy sector -: The energy sector includes companies that produce or supply energy, like electricity or oil.
Intel -: Intel is a big company that makes computer chips and other technology products.
Dell -: Dell is a well-known company that makes computers and other technology products.
Obvious Technologies -: Obvious Technologies is a company that creates smart solutions for safety and security using technology.
CEO -: CEO stands for Chief Executive Officer. This person is the highest-ranking person in a company and makes important decisions.
Thomas Pramotedham -: Thomas Pramotedham is the CEO of Presight AI. He leads the company and makes important decisions.
digital transformation -: Digital transformation means using new technology to change how a company works and improve its services.
sustainability -: Sustainability means doing things in a way that doesn’t harm the environment and can be continued for a long time.
Chairman -: The Chairman is the leader of the company’s board of directors, which is a group of people who help make big decisions for the company.
Sultan bin Ahmed Al Jaber -: Sultan bin Ahmed Al Jaber is the Chairman of Presight AI. He helps guide the company and make important decisions.