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Amanat logs over AED 48m net profits in Q1-24

Amanat logs over AED 48m net profits in Q1-24
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Dubai – Mubasher: The net profits of Amanat Holdings increased by 9% year-on-year (YoY) to AED 48.29 million in the first quarter (Q1) of 2024, partly impacted by the introduction of corporate tax in the UAE.

The quarterly net profits were compared with AED 44.36 million in Q1-23, according to the financial results.

Revenues jumped by 21% to AED 223.64 million in Q1-24 from AED 185.18 million in January-March 2023.

Meanwhile, the basic and diluted earnings per share (EPS) remained unchanged at AED 0.016 in the first three months (3M) of 2024.

Total assets hit AED 3.87 billion as of 31 March 2024, versus AED 3.80 billion at the end of December 2023.

The Chairman of Amanat, Shamsheer Vayalil, said: “Amanat maintained its strong growth momentum into Q1-24, as we continue to accelerate the execution of our value creation strategy, capitalizing on the strong underlying macroeconomic and demographic growth drivers in driving the region’s education and healthcare sectors.”

John Ireland, CEO of Amanat, asserted: “We will continue to deliver growth by increasing student enrollments in the UAE, expanding our Special Education Needs footprint in KSA and increasing bed capacity at our long-term care platform in the UAE and KSA.”

As of 31 2023, Amanat recorded an annual surge of 40% in revenue to AED 718.10 million, compared to AED 513.10 million.