46% growth in the profits of “Securities” to 44 million dirhams during the first quarter

Dubai, May 11 / Amanat Holding Company, listed on the Dubai Financial Market, announced its financial results, as profits increased by 46% year-on-year to reach 44.4 million dirhams in the first quarter of 2023, driven by strong growth in both the healthcare and education portfolios. investment.
Revenues during the same period grew by 42%, driven by growth in both the healthcare and education investment portfolios, including the contribution of the recently acquired Human Development Company at the end of 2022.
Adjusted EBITDA increased by 45% year-on-year to reach AED 70.8 million in the first quarter of 2023, and cash balances reached AED 654 million while maintaining low debt levels.
Hamad Al Shamsi, Chairman of Amanat Board of Directors, said: “Our strong financial results for the first three months of 2023 reflect the success of our strategy to enhance value and growth, as new investments and geographical expansions of our health and educational investment platforms contributed to achieving growth in operational performance.”
Al Shamsi added: “After the end of the first quarter, Amanat Healthcare was launched, and at the same time we completed the acquisition of a majority stake in Sukoon, making Amanat the largest provider of healthcare services extending to the post-acute injury phase in the GCC countries, with plans to reach to 1,000 operational beds across the GCC within the next three years, which will bring more value to our shareholders, including promising growth opportunities through acquisitions, mergers and synergistic benefits.”
For his part, John Ireland, Acting Chief Executive Officer, said: “We maintained strong earnings momentum in the first quarter of 2023, which reflects the quality and growth potential of our leading investment portfolio of assets in the education and health sectors.”
He added: “Revenues increased by 42% year-on-year to reach AED 185.2 million, due to the impact of the acquisition of the Human Development Company in Saudi Arabia, the strong growth of Middlesex University supported by the high student enrollment rate, and the increase in the contribution of operational activities in the Kingdom of Saudi Arabia within the portfolio.” Amanat Healthcare This strong performance was reflected in the company’s net profit, which increased by 46% to reach AED 44.4 million.”