Sunday 15 July 2018

Amanat Holdings posts $6.8m net profit for H1

DUBAI, August 10, 2017

Amanat Holdings, a top healthcare and education investment company, recorded a net profit of Dh25 million ($6.8 million) for the first half (H1) of 2017, a 4.8 per cent increase compared to the same period in 2016.

Total Income grew to Dh48.3 million, a 20.1 per cent increase compared to the same period in 2016.The strong H1 results were supported by 137.5 per cent increase in the share of income from associates, which stood at Dh18.4million for the period ending 30 June 2017, compared to Dh7.7 million for the same period last year. Interest income also reached Dh28.7 million, driven by higher yield.

Increased income from Healthcare associates to Dh12.2 million was driven by contributions from International Medical Center which registeredDh13.0million for H1 2017.

Income from the education associate reached Dh6.2 million in H1 2017 compared to Dh0.61 million in H1 2016 primarily since Taaleem Holding was acquired in April 2016.

Faisal Bin Juma Belhoul, chairman of Amanat said:  “A smarter, healthier society is a more successful one and the ongoing growth in the healthcare and education sectors are the foundations for stronger long-term economic growth in the GCC.

“With increased demand for quality healthcare and education services in the GCC, I believe Amanat has the capital, expertise and passion to become the partner of choice to support the investment demands needed to further develop these sectors. Our long term focus remains on delivering our unique collaborative investment approach, enhancing peoples’ prosperity - physically, intellectually and financially, and creating long-term sustainable value for shareholders.”

Khaldoun Haj Hasan, chief executive officer of Amanat, said: “I am delighted with the results achieved which reflects our continuous efforts to efficiently manage our operations and underlines the performance of our portfolio companies. Throughout the second quarter we continued our commitment towards our portfolio companies and worked closely with our partners in support of their growth plans and to fulfil the common ambitions of creating business champions and a true legacy. We are excited about the next period of our growth as we look to expand our portfolio by investing in other differentiated businesses that have proven leaderships across key GCC markets.”

Since Amanat was founded it has invested over Dh740 million in strategic healthcare and education investments across the UAE and Saudi Arabia markets which represent 30 per cent of the capital, a statement said. – TradeArabia News Service

Tags: profit | Amanat Holdings | H1 2017 |

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