REPORT BASED ON PRESS RELEASE : BY AMANAT ON NOV 08, 2023
Amanat Holdings PJSC Unveils Strong Financial Results for Q3 2023
Dubai, UAE – November 8, 2023: Amanat Holdings PJSC (DFM symbol: AMANAT), the premier healthcare and education investment company, has announced its financial performance for the nine months ending on September 30, 2023 (9M 2023), showcasing robust growth across its key metrics.
Revenue Surge: Amanat reported a remarkable 44% year-on-year increase in revenue, reaching AED 495.0 million in 9M 2023. This growth was primarily driven by outstanding performance in the Education platform, more than doubling its revenue, buoyed by contributions from the recently acquired Human Development Company and record student enrollments at Middlesex University Dubai. Additionally, the Healthcare platform witnessed a 15% growth, propelled by the acquisition of Sukoon.
EBITDA and Net Profit: The company’s EBITDA surged by 65% year-on-year, hitting AED 173.7 million in 9M 2023, well on track to surpass the full-year 2022 figure of AED 188 million. Net Profit saw a substantial uptick of 73% year-on-year, soaring to AED 88.2 million in 9M 2023.
Financial Strength: Amanat boasted a robust balance sheet with AED 560 million in cash at the end of the period, coupled with low leverage, providing significant financial flexibility to capitalize on growth opportunities.
Value Creation: With market-leading assets delivering strong performance and significant expansion plans across the GCC underway, Amanat is well-positioned to unlock further value through potential monetization events.
Hamad Alshamsi, Chairman of Amanat, expressed his satisfaction, stating, “Amanat has achieved record revenue and profitability following the implementation of our new strategy. We have strategically acquired high-quality assets, particularly in long-term care and special education, creating two market-leading platforms with robust fundamentals. Our strong financial performance in the first nine months of 2023 sets a solid foundation for achieving record results for the full year.”
John Ireland, Acting CEO of Amanat, emphasized the portfolio’s strong growth, particularly in the education platform, which witnessed significant enrollment increases. He added, “This growth translated into increased profitability, with notable EBITDA and Net Profit figures for 9M 2023.”
