Tuesday 11 December 2018

Faisal Bin Juma Belhoul and Khaldoun Haj Hasan

Amanat nine-month profit jumps 8.5pc

DUBAI, November 9, 2017

Amanat Holdings, a leading healthcare and education investment company, has recorded a net profit of Dh39.9 million ($10.8 million) for the first nine months of the year, an 8.5 per cent increase compared to the same period in 2016.

Total Income grew to Dh75.6million, a 21.8 per cent increase compared to the same period in 2016. The strong results were driven by a 67.2 per cent increase in the share of income from associates, which stood at Dh23.5 million for the period ending  September 30th2017, compared to Dh14.1 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 Dh16 million for the period ending September 30th2017; and driven by enhanced yield on liquidity.

Faisal Bin Juma Belhoul, chairman 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.” – TradeArabia News Service

Tags: Amanat Holdings | 2017 profit |

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