Dubai-listed Amanat Holdings said on Wednesday that the UAE’s corporate tax has partly impacted its first-quarter net profit, which inched up by 9% year-on-year.

Total net earnings for the first three months of 2024 reached AED 48.3 million ($13 million), the healthcare and education investment firm said in a statement on the Dubai Financial Market (DFM).

“Net profit…[was] partly impacted by the introduction of corporate tax in the UAE,” the statement said.

The company’s net profit before tax and Zakat grew by 18% to AED 53.6 million.

Total revenue grew by 21% to AED 223.6 million, driven by the education and long-term care segments, whose revenues rose by 24% and 19%, respectively.

EBITDA rose by 13% to AED 79.9 million.

(Writing by Cleofe Maceda; editing by Seban Scaria)