(MENAFN) Brisight, listed on the Abu Dhabi Financial Market, has unveiled its first-quarter results for the period ending March 31, 2024, showcasing robust growth in both revenues and profits compared to the same period last year. According to a disclosure on the market's official website, Brisight achieved a net profit of 95.9 million dirhams (approximately USD26 million) in Q1 2024, marking a notable increase of 32.5 percent from the corresponding period in 2023, where it recorded a net profit of 72.4 million dirhams.
In terms of revenue, Brisight reported revenues of 262.1 million dirhams (around USD71.3 million) for the first quarter of 2024, reflecting a growth rate of 16 percent compared to the first quarter of 2023, where revenues stood at 226.2 million dirhams.
Looking ahead, PreSight, a subsidiary of Brisight, has forecasted compound annual growth rates in revenue ranging between 17 percent to 23 percent, annual growth in EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of 15 to 20 percent, and annual growth in net earnings after taxes of 10 to 15 percent.
During the quarter, Brisight made significant progress across its strategic objectives, forging new domestic and international agreements and partnerships. Additionally, the company continued its investment in guaranteed AI-powered annual offerings and enhanced next-generation AI-powered versions of existing products. Notable operational highlights included the establishment of a new multi-year contract with the UAE Talent Competitiveness Council. The contract involves the development of a national artificial intelligence platform for recruitment, aimed at enhancing the skills of the Emirati workforce and increasing job opportunities in specialized and technical roles for Emirati citizens in the UAE.
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