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AMANAT-
Amanat Holdings’ bottom line rose 9% y-o-y to AED 48.3 mn in 1Q 2024, partially impacted by the introduction of corporate tax in the UAE, the company said in its earnings release (pdf). The Dubai-based investment firm’s net income before tax and zakat during the period came in at AED 53.6 mn in, up 18% y-o-y. Amanat booked AED 223.6 mn in revenues, climbing 21% y-o-y during the quarter.
Breakdown: Amanat’s revenues from its education investments rose 24% y-o-y to AED 123 mn, due to an uptick in school enrollments, while revenues from its long-term care segment climbed 19% y-o-y to AED 90.1 mn, driven by the company’s Sukoon acquisition in April last year.
WATCH THIS SPACE- An IPO for its education platform? The company is looking to carve out its education platform into its own holding company and tap advisors to list it on a GCC stock exchange, according to the earnings release. The aim is to “capitalize on its strong financial performance, market positioning and growth trajectory, and realize significant value for our shareholders,” Amanat Chairman Shamsheer Vayalil said.
What about the healthcare platform? Amanat had reportedly tapped EFG Hermes and First Abu Dhabi Bank for a listing of its healthcare unit as soon as this year that could potentially raise some USD 200 mn. A company representative declined to comment on the transaction and on the plans for the education platform’s IPO.
Looking ahead: “We will continue to deliver growth by increasing student enrollments in the UAE, expanding our Special Education Needs footprint in KSA and increasing bed capacity at our long-term care platform in the UAE and KSA,” Amanat CEO John Ireland said.
AGILITY-
Kuwaiti logistics firm Agility reported a 323.1% y-o-y surge in net income to USD 30.5 mn in 1Q 2024, according to an earnings release. The company’s revenue rose 5.6% to USD 979.4 mn during the quarter.
The breakdown: Its Dubai-based fuel logistics arm saw revenues decline 8.4% y-o-y, as contracts ended and the company sold a number of vessels. On the other hand, Menzies Aviation, its aviation unit, saw a 14.4% revenue increase to USD 576.9 mn due to higher flight and cargo volumes and new contracts. Agility Logistics Parks (ALP) recorded 22% revenue growth to USD 12.7 mn driven by increased warehousing demand in Saudi Arabia.
Remember: Agility listed its operations and assets management unit, Agility Global, on the ADX in a technical listing earlier this month. Agility might also sell Dubai-based Tristar after plans to list the company on the Dubai Financial Market stalled back in 2021 due to a lack of investor demand. The company had planned to sell 24% of its shares in the IPO.
WAHA CAPITAL-
ADX-listed investment manager Waha Capital’s net income increased 90% y-o-y to AED 281 mn in 1Q 2024, according to the company’s earnings release (pdf). The parent company of Waha Investments and Waha Land’s net operating income grew 73% y-o-y to AED 418 mn during the quarter.
AL SAGR NATIONAL INS. COMPANY-
Al Sagr in the red: Al Sagr National Ins. recorded a net loss of AED 48 mn in 1Q 2024,compared to a bottom line of AED 7.1 mn during the same period last year, according to its financial statements (pdf). The insurer saw its revenues surge 41% y-o-y to AED 244.1 mn during the quarter.
AL BUHAIRA NATIONAL INS.-
Al Buhaira National Ins. Company narrowed its net losses to AED 7 mn in losses during 1Q 2024, down from a net loss of AED 18 mn during the same period last year, according to its financial statements (pdf). The firm’s ins. revenue rose 27% y-o-y to AED 335.4 mn during the quarter.
