Amanat’s 2023 net profit surges by 39 per cent to Dh155.10m

Amanat’s 2023 net profit surges by 39 per cent to Dh155.10m

Amanat Holdings, a leading healthcare and education investment company, said on Thursday that its net profits for 2023 surged by 39 per cent to Dh155.10 million from Dh111.70 million a year earlier, while the earnings per share (EPS) went up to Dh0.05 from Dh0.04.

The listed company posted revenues amounting to Dh718.10 million in 2023, higher by 40 per cent year-on-year (YoY) compared to the previous year’s Dh513.10 million.

“The higher revenues were backed by almost two-fold growth at the education platform and the growth at the healthcare platform through the consolidation of Sukoon as well as the continued expansion of our long-term care offering in Saudi Arabia,” the company said in a statement.

Total assets hit Dh3.90 billion as of 31 December 2023, marking an annual rise from Dh3.63 billion.

“I am focused on working with the board and management teams to accelerate our platform growth plans, capitalising on healthcare and education opportunities in the region and driving returns to shareholders, including through potential platform monetization events,” said Shamsheer Vayalil, chairman of Amanat.

John Ireland, Amanat’s acting CEO, said revenue increased 40 per cent YoY, largely driven by the impressive performance of its education platform, which benefited from record enrollments, up 18 per cent YoY, as well as growth and a full-year contribution from its special education needs business.”

In the first nine months (9M) of 2023, the net profits attributable to the owners of Amanat climbed YoY to Dh81.12 million from Dh56.22 million.