Amanat’s profit surges 43% on revenue boost

Company's three-month income to the end of June climbed to $13.47 million

Cambridge Medical and Rehabilitation Centre in Saudi Arabia. Couretsy Cambridge Medical and Rehabilitation Center
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Dubai’s Amanat Holdings has reported a 43 per cent jump in second-quarter profit as growth across its healthcare and education platforms gave revenue a boost.

Net profit attributable to equity holders for the three-month period to the end of June climbed to Dh49.5 million ($13.47 million), the company said on Wednesday in a filing to the Dubai Financial Market, where its shares are traded.

Revenue for the quarter surged 46 per cent annually to Dh184.2 million.

First-half profit attributable to equity holders surged about 34 per cent, year on year, to Dh89.2 million on the back of a 44 per cent rise in revenue to Dh369.4 million.

“Amanat maintained its growth momentum in the first half of 2023, delivering strong growth in revenue and profitability across both our platforms,” said its chairman Hamad Alshamsi.

“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 …”

The company said it also remains focused on expanding its education platform's special needs offering and increasing the number of enrolments.

It is also “actively pursuing K-12 opportunities in the UAE and Saudi Arabia”.

In April, Amanat completed the acquisition of a majority stake in critical care medical company Sukoon International Holding through a merger with Cambridge Medical and Rehabilitation Centre, creating the largest pan-GCC post-acute care platform.

As part of the deal, Sukoon shareholders received 15 per cent of Amanat’s shares in CMRC while Amanat received additional shares in Sukoon.

Amanat is also consolidating its healthcare assets in the Middle East into a single platform, with plans for a potential initial public offering of the new division as part of its growth strategy.

“Looking ahead, we are focused on delivering shareholder value by creating and developing integrated education and healthcare platforms that can be monetised in the near term, including the potential regional IPO of Amanat Healthcare,” Mr Alshamsi said.

The Mena healthcare market is on track to record strong growth in the coming years amid a rise in population that is expected to boost demand for new hospitals, clinics, health research centres and digital health services, HSBC said in a recent report.

Amanat's total assets stood at Dh3.84 billion at the end of the first half, up by about 6 per cent from December end last year.

Updated: August 10, 2023, 9:05 AM