Dubai’s Amanat Holdings has recommended its highest-ever dividend payout after full-year net profit for 2021 surged 28-fold, supported by income growth in its healthcare and education investments. 

The company recorded a net profit of 280.8 million dirhams ($76.4 million) for the year, up by more than 2,600 percent from just 10.1 million dirhams a year earlier, the company said in a disclosure to the Dubai Financial Market (DFM) on which its shares trade. 

With the strong results, the company has recommended distributing dividends worth 150 million dirhams, which is 53 percent of profit attributable to equity holders or six percent of the company’s share capital. 

Total income reached 367 million dirhams, a five-fold increase on the 70.6 million dirhams recorded in the previous 12 months. 

Income growth 

The company’s businesses in healthcare and education did well last year, such as the Royal Hospital for Women in Bahrain, which swung to an income of 40.6 million dirhams from a loss of 49.5 million dirhams in 2020, and the Middlesex University in Dubai, Abu Dhabi University Holding Company and North London Collegiate School (NLCS) Dubai, which posted a 4 percent year-on-year growth in income on the back of high enrolments and market share. 

The company said its profitability was also supported by the divestment of its minority stakes in Taaleem Holdings, as well as cost-saving measures at the corporate level. 

Looking ahead, the company intends to invest in “yielding assets” and build "IPO-ready platforms," said Hamad Abdulla Alshamsi, Amanat’s Chairman. 

“We are pleased to mark this year with a significant increase in total shareholder returns of 1 billion dirhams derived from share price appreciation and our exceptional dividend recommendation,” he said. 

(Reporting by Cleofe Maceda; editing by Daniel Luiz ) 

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