Amanat revenue up 42% in Q1 2023, IPO on the radar

Amanat revenue up 42% in Q1 2023, IPO on the radar

Dubai: Amanat Holdings reported a 42 per cent revenue growth in the quarter ended March 31, the company said on Thursday. Revenue was driven by growth across both healthcare and education businesses. Profit for the period grew by 46 per cent year-on-year to Dh44.4 million, while adjusted EBITDA increased by 45 per cent year-on-year to Dh70.8 million. The company recently completed the acquisition of a majority stake in Sukoon and launched Amanat Healthcare, with a potential regional IPO in the near-term. Commenting on the results, Amanat’s Chairman Hamad Alshamsi said: “Our strong financial results for the first three months of 2023 demonstrate the success of our value creation and growth strategies, as our expansion into new businesses and geographic diversification has delivered growth across both our platforms.” “Post-period end, we completed the acquisition of a majority stake in Sukoon, making Amanat the largest pan-GCC post-acute care provider, with plans underway to deliver 1,000 pan regional beds within the next three years. We also launched Amanat Healthcare, which we expect to unlock additional value for our shareholders, including through inorganic growth opportunities with synergistic benefits. We are currently exploring potential monetisation options for Amanat Healthcare, including a regional initial public offering