Dubai-based education and healthcare investment firm Amanat Holdings reported Wednesday a 14% jump in its 2022 adjusted net profit to $32 million (AED 117.4 million) on the back of higher revenue.
The company’s revenue surged by more than 24% to $140 million (AED 513.1 million), with revenue from education reaching $49 million (AED 179 million) and healthcare reaching $91 million (AED 334 million).
Total assets grew by over 2% to $980 million (AED 3.6 billion). Adjusted total income rose 16% to $48.5 million (AED 178.2 million) in 2022 compared to $42 million (AED 153.7 million) for the same period a year earlier.
Last year, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) grew 25% to $52.2 million (AED 191.6 million) from $41.6 million (AED 152.7 million) in 2021. Amanat said its balance sheet during the period was over $158 million (AED 580 million) of cash and low leverage.
Amanat’s Chairman Hamad Alshamsi said in a statement that given the strong financial performance, the board is recommending a $27.2 million (AED 100 million) dividend payout, or AED 4 fils per share, to its shareholders.
“As we look forward, we will continue to pursue further acquisitions and opportunities and integrate, scale, and synergize our platforms as we build value and deliver returns to our shareholders,” Amanat CEO Mohamad Hamade said in a statement.
According to Hamade, in the company’s healthcare platform, they are on track to operate 700 beds by 2024, a 65% increase in capacity, while in the education platform, continued growth through a combination of bolt-on acquisitions and organic growth is expected.
Regarding the newly acquired Human Development Company (HDC), Hamade said expansions are in progress that will add additional centers in Saudi Arabia, while concurrently exploring regional expansion opportunities.
In October last year, Amanat acquired a 60% stake in HDC, a provider of special education and care services in Saudi Arabia, for $60 million (SAR 220.3 million). The company said the deal also includes a contingent consideration of up to $12.5 million (SAR 47.1 million), payable subject to future earnings growth.
In March 2021, Amanat acquired CMRC for $232 million from private equity firm TVM Capital Healthcare
