UAE healthcare group Amanat net profit up 52pc in H1
ABU DHABI, August 9, 2023
Amanat Holdings, a leading healthcare and education investment company in UAE, has reported a 44% growth in its revenue for the first half of the year which soared to hit AED369.4 million ($98.3 million), mainly driven by growth across both the healthcare and education platforms.
Announcing its financial results for the six-month period ended June 30, 2023, Amanat said its net profit grew 52% to AED96.4 million, while its ebitda increased by 53% year-on-year to AED151.5 million.
Commenting on the results, Chairman Hamad Alshamsi said: "Testament to the success of our value creation strategy, Amanat maintained its growth momentum in the first half of 2023, delivering strong growth in revenue and profitability across both our platforms."
"At our Healthcare platform, we have completed the merger of our post-acute care businesses and we continue to progress our plans to increase bed capacity from 400 to 1,000 post-acute care beds in three years," he stated.
"On the Education platform, we remain focused on expanding our special education needs offering, continuing to grow our higher education enrollments and are actively pursuing K-12 opportunities in the UAE and the Kingdom of Saudi Arabia," he stated.
"Looking ahead, we are focused on delivering shareholder value by creating and developing integrated education and healthcare platforms that can be monetized in the near term, including the potential regional IPO of Amanat Healthcare," he added.
As part of the group's strategy, Amer Jeambey, the current Head of Healthcare Investments at Amanat Holdings, will take over the role of Chief Financial and Investments Officer at the group's post-acute care business, with primary responsibility for delivering its ambitious growth plan.
Acting CEO John Ireland said the group's market leading portfolio of assets continues to deliver strong results; revenues, which grew three-fold between 2020 and 2022 continue to accelerate, with a 44% year-on-year increase in H1 2023.
"Top-line growth translated through to profitability, with AED151.5 million of ebitda in H1, up 53% on the same period last year, with Amanat on track to deliver record underlying ebitda in the full year 2023," he added.-TradeArabia News Service
