Amanat reports 39% growth in underlying Q1-22 performance

DUBAI, 12th May, 2022 (WAM) — Amanat Holdings PJSC (“Amanat” or the “Company”) announces financial results for the quarter ended 31 March 2022.

The Company recorded total income of AED46.9 million in Q1-2022, a growth of 12% versus the AED42.0 million recorded in Q1-2021. On an adjusted basis, excluding the prior year result from divested entities, the Company recorded total income of AED 46.9 million, an increase of 40% on the AED 33.5 million recorded in Q1-2021.

Adjusted net profit recorded AED32.1 million in the quarter, a 39% increase on the AED23.1 million reported in the same quarter of the prior year.

Commenting on this quarter’s performance, Amanat’s Chairman, Hamad Alshamsi said: “I am delighted to report that Amanat started the new year by building on a record-breaking 2021 having delivered strong year-on-year growth in our quarterly bottom line while actively advancing on our long-term value creation strategy. Despite the difficult global macroeconomic environment, our healthcare and education platforms reported strong results in the first three months of 2022.”

Amanat’s healthcare platform continued to record impressive year-on-year growth, building on strong results in the previous year to deliver income of AED14.0 million in Q1-2022, a fivefold YoY increase compared with AED2.5 million recorded in Q1-2021.

Performance was primarily driven by a full quarter contribution of Cambridge Medical and Rehabilitation Center (“CMRC”), which only contributed to March’s result in Q1-2021, a narrowing of losses at the Royal Hospital for Women and Children (“RHWC”) in Bahrain, with revenues doubling versus the first quarter of last year, and a positive contribution from Sukoon driven by a successful turnaround.

The education platform recorded income of AED32.6 million, up 3% year-on-year driven by enrollment growth at Middlesex University Dubai which drove a 13% increase in revenues.