Dubai / WAM
Amanat Holdings has announced its financial results for the quarter ended March 31. The company recorded a total income of AED46.9 million in 1Q-2022, a growth of 12% versus the AED42.0 million recorded in 1Q-2021.
On an adjusted basis, excluding the prior year result from divested entities, the company recorded a total income of AED46.9 million, an increase of 40% on the AED33.5 million recorded in Q1 of 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 an income of AED14.0 million in 1Q-2022, a fivefold year-on-year increase compared with AED2.5 million recorded in 1Q-2021.
Performance was primarily driven by a full quarter contribution of Cambridge Medical and Rehabilitation Centre, which only contributed to March’s result in 1Q-2021, a narrowing of losses at the Royal Hospital for Women and Children 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 an 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.
Amanat’s Chief Executive Officer, Dr. Mohamad Hamade, stated, “We have a strong pipeline of healthcare and education opportunities, and we are working on optimising our capital structure to deploy further capital and grow our assets under management.”