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Dubai’s Amanat to pay $20m dividend despite profit fall

By Pramod Kumar
Amanat reported a 20% rise in enrolments at Middlesex University Dubai in the first half of 2024 Wam
Amanat reported a 20% rise in enrolments at Middlesex University Dubai in the first half of 2024

Amanat Holdings, a Dubai-listed investment company, will pay an interim dividend of AED75 million ($20.4 million) for the first half of 2024 despite a decline in profit.

The bottom line fell 8 percent year on year to AED89 million, impacted by the one-time gain in the last year and the impact of corporation tax. Excluding these items, net profit was 12 percent higher.

Revenue grew 17 percent year on year to AED433 million in the first half of 2024, with the education segment contributing a 26 percent increase to AED232 million.

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This was due to a 20 percent rise in enrolments at Middlesex University Dubai and Human Development Company (HDC).

Revenue in the long-term care segment rose 11 percent yearly to AED182 million, supported by growth in Saudi Arabia and the UAE public-private partnership projects.

Chairman Shamsheer Vayalil said the company will drive growth in long-term care by increasing bed capacity, with plans for 200 more.

He said Amanat will expand its education business by increasing enrolments in the UAE by further expanding HDC and exploring merger and acquisition opportunities.

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