Amanat Holdings' profit rises in second quarter
Chief executive says company will 'continue to evaluate additional investment opportunities'
Amanat Holdings' net profit to shareholders increased 7 per cent in the second quarter despite slightly lower returns from investments in companies in the education and healthcare sectors.
The company reported a net profit to shareholders of Dh14.4 million in the three months to June 30 on revenue of Dh45m. Profit for the half-year period rose 26 per cent to Dh35.1m on revenue of Dh85.6m.
The company's chairman, Hamad Al Shamsi, said its half-year profit growth was "testament to our investment strategy which has proven to be effective and sustainable".
"Amanat is strategically well placed to continue delivering solid results as we seek to explore investment opportunities in the GCC and the Mena region," Mr Al Shamsi said.
Amanat has made a series of investments in education and healthcare businesses in the UAE and Saudi Arabia, including the companies that own Abu Dhabi University and Middlesex University Dubai, schools company Taalem Holdings and the 300-bed International Medical Centre hospital in Jeddah.
The company also opened a new Royal Hospital for women and children in Bahrain during the first quarter of the year, which recorded pre-operating losses during the half-year period. If these were stripped out, its half-year profit would have been 55 per cent higher, Amanat said.
“As we move in the second half of the year, we remain focused on working closely with the management of our portfolio companies to support their growth and profitability. We also continue to evaluate additional investments opportunities through direct and add-on acquisitions as we see substantial opportunities for Amanat in its two chosen markets of health care and education,” said the company's chief executive, Tristan de Boysson.
Amanat, which last month announced plans to buy three new medical facilities in north Jeddah, said it had now put in Dh2 billion since inception, utilising 79 per cent of its paid-up capital of Dh2.5bn.
Updated: August 14, 2019 02:12 PM