Amanat Delivers Record FY 2023 Profit of AED 155 million, up 39% year-on-year

February 14, 2024

14 February 2024 | Dubai | Amanat Holdings PJSC (“Amanat” or the “Company”) (DFM symbol: AMANAT), the leading healthcare and education listed investment company, announces its preliminary unaudited financial results for the twelve months ended 31 December 2023 (“FY 2023”).

Revenue: Grew by 40% year-on-year to AED 718.1 million in FY 2023, driven by almost two-fold growth at the Education platform, supported by higher enrollments and the acquisition of our special education needs business, and growth at the Healthcare platform through the consolidation of Sukoon and the continued expansion of our long-term care offering in KSA

EBITDA: Increased by 43% year-on-year to AED 268.7 million in FY 2023

Net Profit: Grew by 39% year-on-year to AED 155.1 million in FY 2023

Balance sheet: AED 582.3 million of cash at year-end and low leverage providing significant capital to deploy on growth opportunities and return value to shareholders

Value creation: Strong growth trajectory across both platforms with active deployment pipeline to unlock further value and potential for near-term monetization to drive shareholder returns

Amanat’s Chairman, Dr. Shamsheer Vayalil, said:

“It is a honor to be appointed Chairman of Amanat, one of the leading investors and operators in education and healthcare in the MENA region. The Company operates in two strategically important and growing sectors and I am focused on working with the Board and management teams to accelerate our platform growth plans, capitalizing on healthcare and education opportunities in the region and driving returns to shareholders, including through potential platform monetization events.”

 Commenting on the results, John Ireland, Amanat’s Acting Chief Executive Officer, added:

“I am pleased to announce that Amanat delivered record results in 2023, maintaining its strong growth trajectory. Revenue increased 40% year-on-year, largely driven by the impressive performance of our education platform, which benefited from record enrollments, up 18% year-on-year, as well as growth and a full year contribution from our special education needs business. The strong revenue performance drove increased profitability with EBITDA and Net Profit increasing 43% and 39%, respectively, year-on-year.”

1 Cash and bank balances include the cash and bank balances of Amanat Holdings PJSC and its subsidiaries.

2 FY 2021 Net Profit of AED 90 million and EBITDA of AED 147 million presented above excludes impact of gain on disposal of divested investees and impairment charges.

2 FY 2021 Net Profit of AED 90 million and EBITDA of AED 147 million presented above excludes impact of gain on disposal of divested investees and impairment charges.


Preliminary Unaudited Results of Public Joint Stock Company for the year ended 31 December 2023

First: General Information

Second: Preliminary Results (AED million)

Note: the above excludes any potential non-cash impact from potential recognition of deferred tax and impairment losses which remain under assessment as at the date of release of the preliminary unaudited financial information in addition to any other subsequent audit adjustments.


Investor Relations
Contact Details

Investor Relations Contact

Abdulrahman Al-Suwaidi

Director of Investor Relations

About Amanat Holdings PJSC

Amanat Holdings PJSC is the region’s largest integrated healthcare and education investment company with paid- up capital of AED 2.5 billion. Listed on the Dubai Financial Market (DFM) since 2014, Amanat’s mandate is to establish, acquire and integrate companies in the healthcare and education sectors, and develop, manage, and operate these companies within the MENA region and beyond.

Amanat’s healthcare platform includes Cambridge Medical and Rehabilitation Center (CMRC), a leading post-acute care and rehabilitation provider in the UAE and KSA; Sukoon, a leading provider of long-term and post-acute care services ranging from extended critical care and home care medical services in Jeddah, Saudi Arabia, Al-Malaki Specialist Hospital, a world-class specialist hospital located in the Kingdom of Bahrain, and the real estate assets of Cambridge Medical and Rehabilitation Center in Abu Dhabi, UAE.

Amanat’s education platform includes NEMA Holding, a leading provider of higher education in the UAE, Middlesex University Dubai, the first overseas campus of the internationally renowned Middlesex University in London, Human Development Company the leading provider of special education and care services covering educational, medical, and rehabilitation services in KSA, a small stake in BEGiN, a US-based award-winning education technology company, and the real estate assets of the North London Collegiate School in Dubai, UAE.