Dubai: The DFM-listed investment firm Amanat is to pay an interim dividend of Dh75 million after first-half 2024 revenues grew 17 per cent to Dh433 million.
The company, which lists Middlesex University Dubai among its assets, is planning an IPO featuring its education assets. It would help their decision making on the stock market float after the education business delivered a 'record' performance during the period.
“Amanat made strong progress on its value creation strategy, with continued growth at the education business and with both our healthcare and education businesses well positioned to capture significant demand growth," said Dr. Shamsheer Vayalil, Chairman.
“The payment of an interim dividend of Dh75 million also demonstrates our ongoing commitment to translate growth into consistent shareholder returns through our attractive dividend policy.”
Net profit performance
The company's net profit before tax and zakat increased 2 per cent year-on-year to Dh100.7 million, or 13 per cent on an adjusted basis. The final net profit tally declined 8 per cent to Dh89.1 million, impacted by a one-time gain in the prior year and the introduction of corporate tax in the UAE. Excluding these items, net profit was 12 per cent higher year-on-year.
In the round of H1-24 financial reporting season, companies have been pointing out the impact of factoring in their corporate tax obligations. For some, it meant a sizeable drop on their final profit tally.
“Amanat delivered a robust set of results in the first-half of 2024, with revenue and adjusted EBITDA up 17 per cent and 8 per cent respectively, driven by the strong performance of our education business, which saw revenue increase 26 per cent year-on-year," said John Ireland, CEO.
This was 'supported by record enrollments with over 3,000 students and beneficiaries added in the period'. The plan is to grow the education business through 'increasing enrollments in the UAE', and also 'exploring M&A opportunities'.
On the health side, “We remain committed to both driving growth in long-term care through increasing bed capacity, with around 200 beds under construction," the CEO added. and growing our Education business through increasing enrollments in the UAE, further expansion of HDC and exploring M&A opportunities
