Amanat revenue up 42% in Q1 2023, IPO on the radar
Profit for the period grew by 46 per cent year-on-year to Dh44.4 million
Dubai: Amanat Holdings reported a 42 per cent revenue growth in the quarter ended March 31, the company said on Thursday.
Revenue was driven by growth across both healthcare and education businesses.
Profit for the period grew by 46 per cent year-on-year to Dh44.4 million, while adjusted EBITDA increased by 45 per cent year-on-year to Dh70.8 million.
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The company recently completed the acquisition of a majority stake in Sukoon and launched Amanat Healthcare, with a potential regional IPO in the near-term.
Commenting on the results, Amanat’s Chairman Hamad Alshamsi said: “Our strong financial results for the first three months of 2023 demonstrate the success of our value creation and growth strategies, as our expansion into new businesses and geographic diversification has delivered growth across both our platforms.”
“Post-period end, we completed the acquisition of a majority stake in Sukoon, making Amanat the largest pan-GCC post-acute care provider, with plans underway to deliver 1,000 pan regional beds within the next three years. We also launched Amanat Healthcare, which we expect to unlock additional value for our shareholders, including through inorganic growth opportunities with synergistic benefits. We are currently exploring potential monetisation options for Amanat Healthcare, including a regional initial public offering in the near-term.”
Amanat’s Acting CEO, John Ireland, added: “We maintained our strong earnings momentum in the first quarter of 2023, reflecting the quality and growth potential of our market leading portfolio of healthcare and education assets.”
Q1 2023 results
The company recorded revenue of Dh185.2 million in Q1 2023, versus Dh130.8 million in Q1 2022 and operating profit of Dh51.9 million versus Dh33.8 million in Q1 2022. Profit for the period was Dh44.4 million versus Dh30.4 million in Q1 2022, whilst profit attributable to equity shareholders was Dh39.7 million vs. Dh32.0 million in Q1 2022.