Dubai, UAE — Amanat Holdings reported a 73 percent year-on-year increase in net profit to AED88.2 million for the first nine months of 2023.
Amanat reported 44 percent year-on-year increase in revenues to AED495.0 million in 9M 2023 driven by strong performance at the Education platform up more than two times, boosted by contribution from the recently acquired Human Development Company and record student enrolments at Middlesex University Dubai and 15 percent growth at the Healthcare platform, driven by the acquisition of Sukoon.
Amanat reported an increase in EBITDA by 65 percent year-on-year to AED173.7 million in 9M 2023, on track to significantly exceed the AED188 million recorded in full year 2022.
Amanat 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 monetization 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 realize significant shareholder value across the portfolio, including through potential monetization events,” he said.