Amanat Holdings, listed on the Dubai Financial Market (DFM), posted net profits of AED 78.36 million during the first nine months of 2024. This represents a decrease from the AED 88.24 million earned in the same period in 2023, as per the company’s interim consolidated financial results.
PC: Amanat Holdings
While the company’s profits bottomed out, revenues saw a healthy growth YoY, increasing to AED 566.25 million on 30 September 2024, compared to the prior year’s AED 495.03 million. This would simply indicate that it is managing to get more revenues in spite of facing challenges related to profit going down.
The same period witnessed a decrease in both basic and diluted earnings per share. The same bottom line also recorded AED 0.02 in 9M-2024 against AED 0.03 in 9M-2023. Decline in the earnings per share is the combined outcome of a decline in the profit and stable share base.
Third Quarter Performance
Amanat’s Q3 of 2024 continued to face financial difficulties. The company has incurred a net loss of AED 10.75 million compared with the AED 8.20 million of the Q3-2023, which indicated that profitability pressures in the last quarter of the year continue to be endured.
Despite the losses, quarter revenues have experienced a slight rise at AED 132.85 million in Q3-2024 as compared to AED 125.62 million the same quarter of the previous year. This reflects a resilience in revenues in the operations as cost and profit challenges increase.
However, the bottom line loss per share of the company increased in Q3-2024 to AED 0.004 from AED 0.003 in Q3-2023. The increase indicates a higher degree of negative impact on shareholder returns for the quarter.
Half-Year Results
The six-month financial performance ending on 30 June 2024 was also not encouraging. Amanat’s bottom line net profits of AED 89.11 million reflect a sharp 80 percent decline compared to AED 96.44 million in the corresponding period of 2023.
The major decline in half-year profits indicates that the tough times continue to persist-the company is faced with bottom-line difficulties throughout 2024. However, a revenue growth compounded annually for the nine months indicates that the company can still continue its operating speed.
Amanat’s financial performance from January to September 2024 is a mixed package. Its revenues growth, which in itself represents a nice trend, indicates that the company is growing. However, the nine months and the quarterly results show that profitability went down, pointing to the problems the company has been struggling with for a long time. These results present the complexities of operating in a dynamic, evolving market where gains in one area are offset by struggles in another.
