Revenue for specialty investment firm rose 6% to Dh89.5m
Amanat Holdings 2017 net income climbs 10%
Amanat Holdings, the Dubai-listed firm which specialises in investments in health care and education sectors in the UAE and Saudi Arabia, posted a 10 per cent increase in full-year 2017 net profit as associated businesses helped boost profitability.
Net income for the 12-month period ending December 31 reached Dh42.3 million. Revenue grew 6 per cent year-on-year to Dh89.5m, the company said on Wednesday in a statement to the Dubai Financial Market. It did not provide fourth quarter figures.
Excluding a one-off charge, income from Amanat's associate businesses rose 65 per cent to Dh33.3m.
“As we continue to identify like-minded business champions and implement an active investment philosophy, we become uniquely positioned to capture the right opportunities in the market and support our partners with the complimentary skill set required for further growth,” Dr Shamsheer Vayalil, Amanat chief executive said. “We look forward for 2018 as we embark on it with a healthy pipeline of deals, and are excited to execute on promising opportunities.”
The portfolio companies of Amanat Holdings are getting closer to being ready for initial public offerings and may seek listings on regional stock exchanges within two to four years, company officials told The National in October.
In December, the company said it increased its stake in UAE's K-12 primary and secondary education Taaleem Holdings to 21.7 per cent, becoming its largest investor.
The company bought an additional 5.3 per cent stake in Taaleem for Dh52m, after acquiring a 16.34 per cent holding for Dh146m in 2016.
Amanat's board recommended distributing dividends equal to 1.5 per cent of the nominal value of its share for the third year in a row, subject to approval from the general assembly.