UAE News Today : Business

Amanat achieves 73% net profit growth to AED 88.2 million in the nine months of 2023

Amanat Holdings has announced its financial results for the nine months ended 30 September 2023 (9M 2023), reporting an increase in net profit of 73% year-on-year to AED 88.2 million in the 9M 2023.

amanat reported a 44% year-on-year increase in revenue to AED 495.0 million in the nine months of 2023, driven by strong performance in the educational platform, which more than doubled, driven by the contribution of the recently acquired Human Development Company and record student enrollment at Middlesex University in Dubai. and 15% growth in the Healthcare platform, driven by the acquisition of Sukoon.

amanat reported an increase in EBITDA of 65% year-on-year to AED 173.7 million in the 9 months of 2023, on track to significantly exceed the AED 188 million recorded in full-year 2022.

When commenting on the results, Amanat President Hamad Alshamsi saying,

“Following the implementation of our new strategy at the end of 2020, Amanat has achieved 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 healthcare needs. education and special care, which has allowed us to create two market-leading platforms with solid fundamentals and high monetization potential.

“Looking ahead, we have a clear strategy for growth and value creation. “We have an active deployment portfolio focused on K-12 opportunities in the UAE and Saudi Arabia and continue to explore options to realize significant shareholder value across the portfolio, including through potential monetization events.”

News source: Emirates News Agency

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