Home Business Amanat Holdings reports 7% growth in net profit in H1 2022

Amanat Holdings reports 7% growth in net profit in H1 2022

by Dubai Forum
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DUBAI, 4th August, 2022 (WAM) — Amanat Holdings has announced its financial results for the first six months of this year, reporting an adjusted net profit of AED67.4 million, a 7 percent increase on the AED63.1 million reported in the same period of 2021.

On an adjusted basis, excluding the prior year’s gain on sale and trading results from divested entities, the Company recorded a total income of AED96.7 million, an increase of 14 percent on the AED85.1 million recorded in H1 2021.

Commenting on the results, Amanat’s Chairman Hamad Abdulla Alshamsi said, “In the first half of 2022, we have seen steady growth across our portfolio companies which is reflected in our bottom line. With expansions underway across CMRC, MDX, NEMA, and Sukoon, we are excited for the phase ahead where we see Amanat capitalising on further growth opportunities in addition to deploying capital into assets that complement our existing platforms.

“Despite global economic concerns, Amanat remains well positioned to continue to deliver on its strategic growth objectives supported by its geographic and sector focus,” he added.

Amanat’s Chief Executive Officer Dr. Mohamad Hamade, said, “We have witnessed our portfolio companies continue to demonstrate resilience while strengthening their positioning as market leaders. Following NEMA Holding’s acquisition of LCT and KIC, Amanat approved the Cambridge Medical and Rehabilitation Centre expansion plan in KSA and UAE.

“Additionally, we are studying several potential investment opportunities to further deploy capital and grow our portfolio,” he added.

In H1 2022, Amanat’s healthcare platform continued to record strong year-on-year growth delivering an income of AED27.3 million compared with AED16.0 million in H1 2021, an increase of 71 percent year-on-year.

Middlesex University Dubai reported a 13 percent year-on-year increase in income to reach AED35 million compared with AED30.9 million in 2021.

NEMA Holding (formerly Abu Dhabi University Holding Company) continued to deliver on its strategic growth plan acquiring 100 percent of Liwa College of Technology in H12022, following the acquisition of the remaining 49 percent stake in Khawarizmi International College.

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