ABU DHABI, UAE – Amanat Holdings on Friday announced its audited financial results for the year ended December 31 2023 (FY 2023). The company’s revenue grew by 40 percent year-on-year to US$195 million (AED718 million) in FY 2023, driven by an almost twofold increase in the education platform and a 14 percent growth in the healthcare platform.
In a statement, Amanat said that EBITDA increased by 46 percent year-on-year to US$74 million (AED274.3 million) in FY 2023, and adjusted net profit before tax and zakat grew by 38 percent year-on-year to US$43 million (AED159.3 million) in FY 2023.
The balance sheet reached US$158 million (AED582.3 million) in cash at year-end, and low leverage provided significant capital for deployment.
Amanat announced a proposed dividend of US$13 million (AED50 million) for FY 2023, with additional interim dividends planned for 2024.
The company enjoys a strong growth trajectory across both platforms with an attractive deployment pipeline and potential for monetisation to unlock shareholder value.
Amanat’s Chairman Dr. Shamsheer Vayalil said, “In 2023, our market leading assets continued their strong growth trajectory, which translated positively to our underlying financial results.”
He said, “My focus going forward is to work with the management team to build on and accelerate our platform growth plans, capitalising on favourable demographics and macroeconomics driving demand growth in the healthcare and education sectors.”
He added, “In addition to platform growth, we are exploring further enhancements to shareholder returns, through potential platform monetisation events.”
John Ireland, CEO of Amanat, said, “Amanat delivered record underlying results in 2023, maintaining our strong growth trajectory with revenue and EBITDA up 40 percent and 46 percent year-on-year, respectively.”
He said, “As we look forward we see positive momentum across our platforms and our focus is on driving growth through increasing student enrollments in the UAE, expanding our Special Education Needs footprint in KSA and increasing bed capacity at our long-term care platform in UAE and KSA.”