Amanat Holdings

1. Company Overview & Earnings Context

Amanat Holdings PJSC is a Dubai-based healthcare and education investment company listed on the Dubai Financial Market (DFM). Its principal activities include investing in, managing, developing and operating companies across the healthcare and education sectors.

Amanat delivered strong H1 2026 growth, with revenue increasing to AED 582.5 million and profit for the period rising to AED 151.5 million. Profit attributable to shareholders reached AED 101.4 million, up from AED 85.0 million in H1 2025.

2. Financial Performance Snapshot

• Revenue: AED 582.5 Million (+24.4% YoY)

• Gross Profit: AED 267.9 Million (+33.2% YoY)

• EBITDA: AED 226.4 Million (+30.4% YoY)

• Operating Profit: AED 167.7 Million (+34.2% YoY)

• Profit Before Tax & Zakat: AED 173.6 Million (+48.8% YoY)

• Profit from Continuing Operations: AED 153.3 Million (+46.4% YoY)

• Net Profit: AED 151.5 Million (+62.5% YoY)

• Profit Attributable to Shareholders: AED 101.4 Million (+19.2% YoY)

• EPS: AED 0.0412, vs. AED 0.0342 in H1 2025

3. Operational Highlights & Key Metrics

• Education Revenue: AED 347.2 Million (+21.8% YoY)

• Healthcare Revenue: AED 235.3 Million (+28.3% YoY)

• Education Gross Profit: AED 167.6 Million (+28.1% YoY)

• Healthcare Gross Profit: AED 100.3 Million (+42.6% YoY)

• Share of Profit from Associate: AED 43.8 Million (+87.4% YoY)

• Cash & Bank Balances: AED 1.09 Billion

• Total Assets: AED 4.34 Billion

• Total Equity: AED 3.25 Billion

Both core operating segments recorded double-digit revenue growth, with Healthcare growing faster than Education during the period.

4. Key Performance Drivers

Amanat's growth was broad-based across its two core segments. Education revenue increased to AED 347.2 million from AED 284.9 million, while Healthcare revenue increased to AED 235.3 million from AED 183.4 million.

Profitability grew faster than revenue. Gross profit increased 33.2%, while EBITDA rose 30.4% to AED 226.4 million, indicating stronger operating performance across the portfolio.

Amanat also benefited from a significant increase in its share of profit from associate, which rose to AED 43.8 million from AED 23.4 million. Meanwhile, finance income more than tripled to AED 22.9 million, compared with AED 7.4 million in H1 2025.

5. Capital Allocation & Key Developments

During H1 2026, Amanat increased its ownership in Cambridge Health Group Holdings Limited (CHG) to 100%, including the acquisition of the remaining 12.82% non-controlling interest. CHG also acquired the remaining interest in Sukoon, increasing Amanat's effective interest in the business to 100%.

Amanat paid a AED 175 million cash dividend, equivalent to AED 0.07 per share, during H1 2026. Subsequently, on 13 August 2026, the Board approved an additional AED 75 million interim dividend, equivalent to AED 0.03 per share.

The Group maintained a substantial liquidity position with AED 1.09 billion in cash and bank balances, while financing from banks stood at approximately AED 331.2 million.

6. Investor Takeaway

Amanat delivered a strong H1 2026 operating performance, with revenue growing 24.4%, gross profit 33.2%, EBITDA 30.4% and profit from continuing operations 46.4%. Both Education and Healthcare contributed to growth, with Healthcare recording particularly strong gross profit growth.

Net profit increased 62.5% to AED 151.5 million, while profit attributable to shareholders increased 19.2% to AED 101.4 million. The difference reflects a significant increase in profit attributable to non-controlling interests, which rose to AED 50.1 million from AED 8.2 million.

The company also continues to return capital to shareholders, with AED 250 million in total dividends comprising the AED 175 million paid during H1 and the AED 75 million interim dividend subsequently approved. Key areas to monitor in H2 2026 include continued Education and Healthcare growth, margin performance, contribution from associates and deployment of Amanat's substantial cash position.