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Amanat said in a press release that the profit growth was driven by higher enrollments and improved operational efficiency across its portfolio. The company operates in the healthcare and education sectors, which have seen rising demand in the UAE and broader GCC region. Its long-term care business and university and training centers contributed to the overall performance.
According to the company’s announcement, revenue for the first half increased 17 percent year on year to AED 433 million. The education segment posted a 26 percent rise in revenue while long-term care was up 11 percent. Amanat also declared an interim dividend of AED 75 million to be paid to shareholders.
The press release from Amanat indicated that EBITDA stood at AED 153.5 million, reflecting an 8 percent increase on an adjusted basis excluding one-time items. Net profit was reported at AED 89.1 million after accounting for tax and one-off items from the prior year. “Amanat made strong progress on its value creation strategy in the first half of 2024, with continued growth at the Education business and with both our Healthcare and Education businesses well positioned to capture significant demand growth,” Dr. Shamsheer Vayalil said in the statement.
John Ireland, the chief executive officer, added in the announcement that the company is focused on expanding bed capacity and increasing enrollments while exploring M and A opportunities. The firm added more than 3,000 enrollments in the period, bringing the total to over 20,000. Approximately 200 new beds are under construction to support the healthcare expansion.
A report by the consultancy firm McKinsey has projected strong growth in the GCC education and healthcare markets due to demographic shifts and government diversification efforts. The UAE has been a leader in attracting international branch campuses and private hospitals, supporting companies like Amanat. This environment has enabled the firm to deliver consistent returns to investors.
With cash balances of AED 480 million and low leverage, Amanat is in a solid position to pursue further investments, the company said. The results come as the firm continues its strategy of sustainable investing in essential services. The announcement highlighted ongoing commitment to value creation for stakeholders across the region.
