DUBAI – Amanat Holdings PJSC (“Amanat” or the “Company”) (DFM symbol: AMANAT), the leading healthcare and education listed investment company, announced its financial results for the six-month period ended 30 June 2024 (H1 2024).

Revenue grew by 17% year-on-year to AED 433 million in H1 2024 driven by strong performance in Education, which grew 26% year-on-year.

EBITDA increased by 1% year-on-year to AED 154 million in H1 2024, with an 18% increase in education partially offset by a decline at healthcare due to a one-time prior year gain and near-term revenue pressure in the UAE. Excluding the prior year one-time gain, adjusted EBITDA increased by 8%.

Net profit before Tax and Zakat increased 2% year-on-year to AED 101 million in H1 2024, or 13% excluding a prior year one-time gain.

The Company registered a significant cash balance of AED 480 million with low leverage at the end of H1 2024.

The board of directors endorsed an interim dividend of AED 75 million for the period, equivalent to AED 3 fils per share, reflecting Amanat’s commitment to returning value to its shareholders.

Amanat’s Chairman, Dr. Shamsheer Vayalil, said: “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, underpinned by favorable market and sector fundamentals.

“The payment of an interim dividend of AED 75 million also demonstrates our ongoing commitment to translate growth into consistent shareholder returns through our attractive dividend policy.”

Commenting on the results, John Ireland, Chief Executive Officer, added: “Amanat delivered a robust set of results in the first half of 2024, with revenue and adjusted EBITDA up 17% and 8% respectively year-on-year, driven by the strong performance of our Education business, which saw revenue increase 26% year-on-year, supported by record enrollments with over 3,000 students and beneficiaries added in the period.''