Amanat Holding Company announces robust financial performance, expansion plans
Date
5/16/2024 5:59:55 AM
(MENAFN) Amanat Holding Company, a prominent investment entity specializing in the healthcare and education sectors and listed on the Dubai financial Market, unveiled its financial results for the first quarter ending on March 31, 2024. The company disclosed a notable 21 percent year-on-year increase in revenues, reaching 224 million dirhams, primarily fueled by the robust performance of its education and healthcare platforms, which experienced growth rates of 24 percent and 17 percent, respectively.
In terms of financial metrics, Amanat showcased impressive figures, with earnings before taxes, interest, amortization, and amortization rising by 13 percent year-on-year to reach 79.9 million UAE dirhams during the first quarter of 2024. Moreover, the company's net profit before tax and zakat surged by 18 percent year-on-year, totaling 53.6 million dirhams for the same period.
Maintaining a prudent financial stance, Amanat revealed significant cash balances amounting to 634.1 million dirhams while keeping debt levels low by the end of the first quarter of 2024. This financial fortitude positions the company favorably to leverage capital for attractive growth opportunities and enhance shareholder returns.
In a strategic move to further capitalize on its education platform's potential, the board of directors greenlit the establishment of a new holding company dedicated to this segment. Additionally, advisors were appointed to explore various avenues for value creation, including the prospect of a regional Initial Public Offering (IPO). This strategic initiative reflects Amanat's commitment to optimizing its business portfolio and maximizing shareholder value through prudent expansion strategies.
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