UAE – Amanat Holdings has posted a revenue of AED369.4 million (US$98.3 million) in the first half of 2023, which represents a 44% jump in the same period of 2022.
Amanat Holdings is a healthcare and education investment company based in the United Arab Emirates.
Details of its financial results for the six months ended June 30, 2023, showed that Amanat’s net profit jumped 52% to AED96.4 million (US$26.25 million).
Amanat Holdings’ profit jump in the first half of 2023 was aided by strong growth and gains from its healthcare and education platforms.
In a press release, the Chairman of Amanat Holdings, Hamad Alshamsi, underscored: “Looking ahead, we are focused on delivering shareholder value by creating and developing integrated education and healthcare platforms that can be monetized in the near term.”
The healthcare and education investment company earned AED151.5 million (US$ 41.25 million) in earnings before interest, taxes, depreciation, and amortization (EBITDA) in the first half of 2023.
According to the recent regulatory filing, Amanat Holdings posted a 53% year-on-year increase in earnings before interest, taxes, depreciation, and amortization compared to the same period last year.
Commenting on the results, the Chairman of Amanat Holdings, 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.”
Amanat Holdings delivered strong results shortly after the company significantly upped its stake in Sukoon International Holding Company.
Following a merger of Sukoon with Cambridge Medical & Rehabilitation Centre (CMRC), Amanat plans to boost its bed capacity with an additional 1000 regional beds in the next three years.
The transaction was completed through a non-cash share swap, whereby certain of the Sukoon shareholders received 15% of Amanat’s shares in CMRC in return for Amanat receiving additional shares in Sukoon.
Commenting on the profitable growth of Amanat’s healthcare platform, Hamad Alshamsi stated: “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.”
Amanat Healthcare consolidates the company’s portfolio of healthcare assets in the Middle East into a single platform with a footprint spanning the United Arab Emirates, Saudi Arabia, and Bahrain.
By combining Amanat’s long-term, post-acute, and specialist care assets in one entity, the healthcare platform aims to position itself as a key provider of specialised healthcare in the Gulf Cooperation Council.
Moreover, the formation of the new vertical enables Amanat to maximize growth opportunities within the GCC following a strong financial performance in the previous fiscal year.
The completion of the merger of Sukoon with CMRC marks an important milestone in Amanat’s strategy to realize shareholder value through active portfolio management.
Laying out his vision for Amanat’s education platform, Alshamsi asserted: “We remain focused on expanding our special education needs offering, continuing to grow our higher education enrolments thus we are actively pursuing K-12 opportunities in the UAE and the Kingdom of Saudi Arabia.”
After building a more than threefold surge in net profit for the first half of the year, Amanat Holdings is gearing up to unlock strategic value-creation options for Amanat Healthcare, including a potential IPO in the near term.
Amanat Holdings has appointed the current Chief Financial and Investments Officer Amer Jeambey to the additional role of Chief Financial and Investments Officer of the group’s post-acute care business.
As the incoming Chief Financial and Investments Officer, Amer Jeambey will be primarily responsible for delivering the ambitious growth plan for long-term, post-acute, and specialist care assets under Amanat Healthcare.
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