Dubai-based Amanat Holdings, the GCC’s largest healthcare and education investment company, has registered a 94.2 per cent increase in income for the fourth quarter of 2020 with its investments hitting AED38.9 million ($11 million) compared to the same period the year before.

 

Announcing its preliminary unaudited financial results for the year ending December 31, 2020, Amanat said education investments were up 43.3 per cent y-o-y while losses from healthcare investments narrowed by 51.7 per cent.

 

The healthcare firm recorded adjusted total income of AED86.7 million, down 5.5 per cent y-o-y, and AED72.6 million in income from investments adjusted for non-recurring items in FY-2020. Adjusted net profit was AED25.2 million, down 37.3 percent y-o-y.

 

Excluding adjustments, the company recorded FY-2020 total income of AED69.9 million, down by 37 percent y-o-y and income from investments of AED55.8 million, down 22.7 percent y-o-y.

 

According to Amanat, the net profit was AED8.3 million for Q4, compared to AED60 million in the same period last year. Shareholders’ equity stood at AED2.5 billion, while total assets stood at AED2.7 billion. 

 

Cash at the period ending December 31, 2020, was AED457 million at the holding level.

 

On the results, Chairman Hamad Al Shamsi said: "2020 was an exceptional year with COVID-19 impacting economic sectors on a national and global level too."

 

"Despite the challenges, both Amanat and its portfolio companies managed to conclude the year with a satisfactory result from operations. Amanat’s financial strength and capital structure managed to put us in a favorable position to navigate the headwinds," he noted.

 

Amanat, he stated, has identified key pillars to grow the company's earnings and drive it to next phase of growth.

 

"These pillars include strategic objectives to improve our portfolios’ performance and profitability, optimize our capital structure further and accelerate investments in high-yielding assets. In the coming phase we will focus on investing in businesses with strong earnings potential that are leading the transformation of the healthcare and education sectors," he added.-TradeArabia News Service