With a total of 50 million dirhams in 2023… and interim distributions for the year 2024
The Board of Directors of Amanat Holding Company, listed on the Dubai Financial Market, held on March 28, 2024, recommended distributing cash dividends to shareholders of 2% (equivalent to 2 fils/share) of the capital for the year 2023, with a total of 50 million dirhams.
Amanat Holding Company announced in a statement, on Friday, that revenues rose by 40% on an annual basis to reach 718.1 million dirhams in the fiscal year 2023, driven by almost double growth in the education platform and a 14% growth in the health care platform, while profits before taxes and interest increased. Amortization and depreciation increased by 46% year-on-year to reach 274.3 million dirhams.
Adjusted net profit before tax and zakat increased by 38% year-on-year to reach 159.3 million dirhams in fiscal year 2023.
The cash balance reached 582.3 million dirhams at the end of the year, while maintaining low debt levels, which allows the possibility of harnessing capital for growth opportunities. With this comes the Board of Directors’ proposal to distribute cash dividends worth 50 million dirhams for the fiscal year 2023, with planning to distribute interim dividends during the year 2024. .
- The most important indicators of operational performance
The number of students and beneficiaries on the “Amanat” education platform reached nearly 20 thousand, as the number of beneficiaries of the “Human Development” company’s services increased by 19%, while enrollment rates at Middlesex University increased by 18%, and enrollment rates also increased in “Nama Holding” increased by 11%.
The company said that it is working to provide more than 700 beds by 2026, as its healthcare platform currently includes 430 beds, and the expansion in Jeddah is nearing completion. A new facility with a capacity of 150 beds is also being developed in Al-Khobar, and it is also expected to provide 80 beds under a partnership system between the two sectors. Public and private sectors in Abu Dhabi by the second quarter of 2024.
As for the Royal Specialized Hospital, the strategic review has been completed and exit options are currently under evaluation.
- The most prominent financial indicators
Education platform revenues increased by 89% year-on-year to reach AED 338 million, driven by growth in enrollment rates and contribution to growth resulting from the acquisition of Human Development Company throughout the year.
The revenues of the long-term care platform increased by 15% year-on-year to reach 342 million dirhams after the acquisition of “Sukon” (Jeddah facility) in May 2023, which far outweighed the short-term pressure on revenues achieved in the United Arab Emirates.
Earnings before taxes, interest, amortization and amortization rose by 46% to reach 274.3 million dirhams in the fiscal year 2023, driven by an increase in the profits of the education platform by 53% to reach 201 million dirhams with the growth of revenues related to registration. This increase was partly affected by the decline in Nama Holding Company, which came As a result of taxes and financing costs.
In addition, the profits of the long-term care platform stabilized at 103 million dirhams, with a positive impact from the acquisition and growth of the Jeddah facility, which offset the pressure on revenues generated from the United Arab Emirates.
- Deferred taxes
Net profit increased by 34% to reach AED 153.9 million on an adjusted basis, with a loss of AED 43.8 million recorded on an unadjusted basis as a result of the impact of one-time non-cash accounting adjustments relating to impairment at the Royal Specialist Hospital (of AED 95 million) and deferred taxes. (Which amounted to 109 million dirhams).
- Building growth plans
Dr. Shamsher Vayalil, Chairman of Amanat, said: “In 2023, our leading assets continued their strong growth path, which was reflected positively in our financial results. My future focus will be on working with the management team to build and accelerate our platform growth plans, capitalizing on the favorable demographics and economics that are driving demand growth in the healthcare and education sectors. In addition to our focus on platform growth, we continue to explore opportunities to increase shareholder returns, by leveraging monetization potential.”
For his part, John Iarland, CEO of Amanat, said: “Amanat achieved record results in 2023, and maintained its strong growth path with revenues and earnings before taxes, interest, amortization and amortization rising by 40% and 46% on an annual basis, respectively, and looking forward we see momentum.” Positively through our platforms. Our focus is on driving growth by increasing student enrollment in the UAE, expanding special education needs in Saudi Arabia, as well as increasing bed capacity in our long-term care platform in both the UAE and Saudi Arabia.”
2024-03-29 09:24:18
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