Dubai – Mubasher: Amanat Holdings posted revenues amounting to AED 718.10 million in 2023, higher by 40% year-on-year (YoY) AED 513.10 million, according to the unaudited financial results.
The higher revenues were backed by almost two-fold growth at the education platform and the growth at the Healthcare platform through the consolidation of Sukoon as well as the continued expansion of our long-term care offering in Saudi Arabia.
Net Profits hiked by 39% to AED 155.10 million in 2023 from AED 111.70 million a year earlier, while the earnings per share (EPS) went up to AED 0.05 from AED 0.04.
Total assets hit AED 3.90 billion as of 31 December 2023, marking an annual rise from AED 3.63 billion.
Shamsheer Vayalil, who was recently appointed as the Chairman of Amanat, said: “I am focused on working with the board and management teams to accelerate our platform growth plans, capitalising on healthcare and education opportunities in the region and driving returns to shareholders, including through potential platform monetization events.”
John Ireland, Amanat’s Acting CEO, said: "Revenue increased 40% YoY, largely driven by the impressive performance of our education platform, which benefited from record enrollments, up 18% YoY, as well as growth and a full-year contribution from our special education needs business.”
In the first nine months (9M) of 2023, the net profits attributable to the owners of Amanat climbed YoY to AED 81.12 million from AED 56.22 million.
