ABU DHABI, UAE – Amanat Holdings PJSC announced its financial results for the nine-months ended September 30, 2022.
The company’s adjusted net profit grew six percent to US$16.5 million (AED60.8 million) in the first nine months of this year, compared to US$15.5 million (AED57.2 million) for the same period last year.
Adjusted total income grew 17 percent to $28.9 million (AED106.3 million) in 9M-2022 vs. $24.7 million (AED90.8 million) in 9M-2021.
Adjusted EBITDA grew 19 percent to $29.8 million (AED110.1 million) in 9M-2022 vs. $25 million (AED92.3 million) in 9M-2021.
Amanat’s Chairman, Hamad Alshamsi, said, “Despite the challenging global and regional economic conditions, Amanat’s portfolio companies continue to deliver growth.”
He said, “Looking ahead, our balance sheet will continue to fund deployment whilst protecting us from rate pressures in the near term. This, along with the recent acquisition of HDC and entry into the special education needs and care market in Saudi Arabia, combined with the acquisition of LIWA by NEMA Holding in 2022 builds on the $462 million (AED1.7 billion) of transactions concluded in 2021.”
Amanat’s Chief Executive Officer, Dr. Mohamad Hamade, added, “Following record 2021 performance our portfolio of market leading companies continues to grow and demonstrate resilience whilst executing clearly defined growth strategies. At the healthcare platform income grew 39 percent to $12 million (AED45.9 million) compared to $8.9 million (AED33 million) in 9M-2021 which positively impacted adjusted EBITDA, which grew 19 percent to $29.8 million (AED110.1 million) compared to $25 million (AED92.3 million) in 9M-2021.”
Reported net profit recorded $15 million (AED56.2 million) compared with $74.5 million (AED273.8 million) in 9M-2021, which in FY-2021 included the prior year gain on sale of and trading results from divested entities.