Amanat Holdings reports a growth of 8.5% in net profit

09/11/2017 09:31 AST

Amanat Holdings PJSC (“Amanat”), the GCC’s largest Healthcare and Education Investment Company today announced its results for the period ending September 30th, 2017 with a solid growth in net profit.

Amanat recorded a net profit of AED 39.9 million for the period ending September 30th 2017, a 8.5% increase compared to the same period in 2016. Total Income grew to AED 75.6 million, a 21.8% increase compared to the same period in 2016. The strong results were driven by a 67.2% increase in the share of income from associates, which stood at AED 23.5 million for the period ending September 30th 2017, compared to AED 14.1 million for the same period last year. The Company enjoys a strong financial position and growing operating cash flows driven by dividend distributions from associates, primarily Taaleem Holdings PJSC and International Medical Center (“IMC”) which reached AED 16 million for the period ending September 30th 2017; and driven by enhanced yield on liquidity.

During the last quarter, the team at Amanat has continued to work closely with shareholders and managements of its portfolio companies on several initiatives including evaluating strategic growth and expansion plans, diversifying revenue and client base, and initiatives aimed at improving productivity and enhancing margins.

Commenting on the results, Faisal Bin Juma Belhoul, Chairman of the Board of Amanat said: “I am delighted with the results we have achieved since the start of 2017. With increased demand for quality healthcare and education services in the GCC, the time is very opportune for the private sector to play a growing role in its contribution to these sectors. With our long term and collaborative investment approach we are well positioned to capitalize on these opportunities. We will continue to deliver on creating long term sustainable value for our shareholders while pursuing our mission to enhancing peoples’ prosperity - physically, intellectually and financially.” Khaldoun Haj Hasan, Chief Executive Officer of Amanat, said “Throughout the third quarter we continued our emphasis on supporting our portfolio companies with their growth plans and maintaining prudency in managing our costs; all while focusing on finding the right and unique investment opportunities. We are optimistic and excited with the remainder of 2017 as we are finalizing investment negotiations with like-minded business champions, and aim to support them with complementary skills and empower them to grow and create a true legacy.”

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