Thursday 9 July 2020

Amanat Holdings net profit up 11pc in Q1

DUBAI, May 15, 2018

Amanat Holdings, a top healthcare and education investment company, has recorded a net profit of Dh14.4 million ($3.9 million) during the first quarter of the year, an 11 per cent increase compared to the same period in 2017.

Total income increased to Dh28.3million rising by 12 per cent compared to the same period in 2017. This positive performance was mainly driven by a robust increase of 35 per cent in income from associates over Q1 2017, which reached Dh14.4million.

The associate growth is expected to be higher in the next quarters especially that the consolidation of the 35 per cent interest in Abu Dhabi University Holding Company (“ADUHC acquisition”) would be over the full quarter. Interest income in Q1 2018 came 9 per cent lower than that of Q1 2017, mainly on higher deployment post completion of the acquisitions of 35 per cent in ADUHC and Dh52 million in an additional 5.3 per cent stake in Taaleem Holdings.

Amanat’s total deployment has reached 43 per cent of its Dh2.5 billion paid-up capital in leading businesses. The Company’s investments in associates increased to Dh1.1 billion as at 31 March 2018, reflecting the ADUHC acquisition, compared to Dh0.76 billion as at 31 March 2017.

As excess cash as at 31 March 2018 which stood at Dh1.43 billion was efficiently managed during the quarter, yielding 3.47 per cent in Q1 2018 compared to 3.18 per cent in Q1 2017.

Hamad Abdulla Al Shamsi, chairman of Amanat, said: “I am pleased that 2018 is off to a good start with solid financial growth in the first quarter. Our focused strategy reflects our commitment to supporting the healthcare and education sectors in the GCC as well as expanding our scope to other synergistic markets.

“Our investments aim at creating sustainable and long-term value for our shareholders and partners while empowering a smarter, healthier society. We are confident that our active investing approach will help our portfolio companies as we support them to grow and create a true legacy.”

Dr Shamsheer Vayalil, vice chairman and managing director of Amanat, added: “We are happy with the strong results and growth achieved in Q1 2018. Our positive financial performance reflects the successful and healthy relationships we have with our partners as we work alongside them to drive growth and efficiencies.

“We were keen to continue managing our cash effectively and costs efficiently during the quarter. We also succeeded in deploying Dh382million since December 2017, with more opportunities ahead as we are well positioned with a strong pipeline of potential transactions with business leaders.” – TradeArabia News Service

Tags: Q1 net profit | amanat |

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