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Amanat reports 6% growth in adjusted net profit during Jan-Sep 2022

November 16, 2022
finance & economy

ABU DHABI, 15th November, 2022 (WAM) -- Amanat Holdings PJSC announced its financial results for the nine-months ended 30th September, 2022.

The company's adjusted net profit grew 6 percent to AED60.8 million in the first nine months of this year, compared to AED57.2 million for the same period of last year.

Adjusted total income grew 17 percent to AED106.3 million in 9M-2022 vs. AED90.8 million in 9M-2021, meanwhile adjusted EBITDA grew 19 percent to AED110.1 million in 9M-2022 vs. AED92.3 million in 9M-2021.

Commenting on the results, Amanat’s Chairman, Hamad Alshamsi, said, “Despite the challenging global and regional economic conditions, Amanat’s portfolio companies continue to deliver growth. Looking ahead, our balance sheet will continue to fund deployment whilst protecting us from rate pressures in the near term. This, along with the recent acquisition of HDC and entry into the special education needs and care market in Saudi Arabia, combined with the acquisition of LIWA by NEMA Holding in 2022 builds on the AED1.7 billion of transactions concluded in 2021.”

Amanat’s Chief Executive Officer, Dr. Mohamad Hamade, added, “Following record 2021 performance our portfolio of market leading companies continues to grow and demonstrate resilience whilst executing clearly defined growth strategies. At the healthcare platform income grew 39 percent to AED45.9 million compared to AED33.0 million in 9M-2021 which positively impacted adjusted EBITDA, which grew 19 percent to AED110.1 million compared to AED92.3 million in 9M-2021.”

The Company recorded total income of AED106.3 million in 9M-2022, versus AED308.2 million in 9M-2021. On an adjusted basis, excluding prior year gain on sale of and trading results from divested entities, total income increased by 17 percent. Adjusted net profit grew six percent to AED60.8 million in 9M-2022, versus AED57.2 million reported in the same period of 2021. Reported net profit recorded AED56.2 million compared with AED273.8 million in 9M-2021, which in FY-2021 included the prior year gain on sale of and trading results from divested entities.

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