Amanat delivers net profit growth of 73% to AED88.2 million in 9M 2023

Amanat Holdings has announced its financial results for the nine months ended 30th September 2023 (9M 2023), reporting an increase in net profit by 73% year-on-year to AED88.2 million in 9M 2023.

Amanat reported 44% year-on-year increase in revenues to AED495.0 million in 9M 2023 driven by strong performance at the Education platform up more than 2x, boosted by contribution from the recently acquired Human Development Company and record student enrolments at Middlesex University Dubai and 15% growth at the Healthcare platform, driven by the acquisition of Sukoon.

Amanat reported an increase in EBITDA by 65% year-on-year to AED173.7 million in 9M 2023, on track to significantly exceed the AED188 million recorded in full year 2022.

Commenting on the results, Amanat’s Chairman Hamad Alshamsi said,

"Following the implementation of our new strategy in late 2020, Amanat has delivered record revenue and profitability. We have successfully exited our minority investments and acquired high quality assets with strong growth potential in long-term care and special education and care needs, enabling the creation of two market leading platforms with robust fundamentals and a high monetisation potential.

“Looking forward, we have a clear strategy for growth and value creation. We have an active deployment pipeline focused on K-12 opportunities in the UAE and KSA and continue to explore options to realise significant shareholder value across the portfolio, including through potential monetization events.”

News Source: Emirates News Agency