9 August 2023 | Dubai | Amanat Holdings PJSC (“Amanat” or the “Company”) (DFM symbol: AMANAT), the leading healthcare and education listed investment company, announces its financial results for the six months ended 30 June 2023.

• Revenue: grew by 44% year-on-year to AED 369.4 million in H1 2023, driven by growth across both the Healthcare and Education platforms
• EBITDA: increased by 53% year-on-year to AED 151.5 million in H1 2023
• Net Profit: grew by 52% year-on-year to AED 96.4 million in H1 2023
• Balance sheet: AED 518.4 million of cash at the period end and low leverage
• Value creation: continued progress on value creation strategy following post-acute care merger and launch of Amanat Healthcare, including a potential regional IPO in the near-term

Commenting on the results, Amanat’s Chairman, 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.

“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 c.400 to c.1,000 post-acute care beds in three years, whilst at our Education platform, we remain focused on expanding our special education needs offering, continuing to grow our higher education enrollments and are actively pursuing K-12 opportunities in the United Arab Emirates and the Kingdom of Saudi Arabia.

“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, including the potential regional IPO of Amanat Healthcare.

“As part of this strategy I am pleased to announce that Amer Jeambey, current Head of Healthcare Investments at Amanat Holdings, will be assuming the role of Chief Financial and Investments Officer at our post-acute care business, with primary responsibility for delivering our ambitious growth plan.”

Amanat’s Acting Chief Executive Officer, John Ireland, added:

“Our market leading portfolio of assets continues to deliver strong results; revenues, which grew three-fold between 2020 and 2022 continue to accelerate, with a 44% year-on-year increase in H1 2023 and further growth expected in 2023 and beyond as we deliver our growth strategy and convert our deployment pipeline.

“Top-line growth translated through to profitability, with AED 151.5 million of EBITDA in H1 2023, up 53% on the same period last year, with Amanat on track to deliver record underlying EBITDA in the full year 2023.”

¹ Cash and bank balances include the cash and bank balances of Amanat Holdings PJSC and its subsidiaries. Comparative refers to balance as at 31 December 2022.

² FY 2021 Net Profit and EBITDA presented excluding and including gain on disposal of divested investees and impairment charges.

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