Amanat Holdings, a top healthcare and education investment company, realized a net profit of Dh20.7 million ($5.6 million) during the first three months (Q1), a 43 per cent increase compared with the same period in 2018.
Amanat total income increased to Dh35.4 million, up 30 per cent compared with the same period in 2018, with Dh30.2 million recorded from investments in associates and subsidiaries. Excluding the Royal Hospital for Women & Children, which was recently opened and expected to record pre-operating losses during its ramp up phase, Amanat would have recorded a 37 per cent growth in its total income in Q1 2019 compared to Q1 2018.
Q1 2019 highlights include the opening of the Royal Hospital for Women & Children in Bahrain on 21st March 2019. The hospital, in which Amanat acquired a majority stake in August 2018, is designed to deliver industry-leading medical services centered around women and children, and its opening is testament to Amanat’s collaborative approach to its investments, leveraging its expertise and scale to create significant and sustainable value.
Amanat deployed Dh1.2 billion in 2018 to reach Dh2 billion of deployment since inception, marking 79 per cent of the Dh2.5 billion paid up capital.
Cash balance at end Q1 2019 stood at Dh569.4 million and efficient management of cash balances saw excess cash as of 31st March 2019 yielding 3.70 per cent compared to 3.39 per cent in Q1 2018. Additionally, with most of its revenues following DFM recognized set of rules and requirements guided by the sharia’a principles, Amanat is considered a sharia’a compliant entity.
Hamad Abdulla Al Shamsi, chairman of Amanat, said: “I am delighted that 2019 is off to such a promising start with significant growth in our financial performance in the first quarter, and the completion of our strategic move into being a sharia’a compliant company.”
“Following our achievements in 2018, we are moving forward in 2019 with our focused strategy which reflects our commitment to supporting the healthcare and education sectors in the GCC and beyond. Our stated aim is to grow the size of our portfolio of investments and expand our geographic footprint, working closely with our partners to support the growth and profitability of the leading platforms we have established in healthcare and education sectors.
“We are confident that we are on the right path to achieve our ambition to be the investment partner of choice in healthcare and education, and to contribute to the development of those key sectors in our countries of focus,” he added.
Tristan de Boysson, chief executive officer of Amanat, said: “The first quarter of the year 2019 witnessed pleasing progress in our investments, most notably the official opening of the Royal Hospital for Women & Children (RHWC), our first investment in the kingdom of Bahrain.
“The strong results and healthy growth achieved in Q1 2019 reflect the benefits of our active investing strategy and the collaborative approach we implement to create value in each of our leading assets. We are keen to continue enhancing the performance of our specialized leading platforms in healthcare and education, as we aim to build on them to generate additional income and keep on creating long term value and sustainable returns for our shareholders. With more opportunities ahead, we are well positioned to capitalize on the opportunities available as a scale player in each of our chosen markets.”
Amanat continues to distribute dividends to its shareholders, strongly reflecting its commitment to delivering shareholder returns since inception. At the Company AGM held on March 24 2019, shareholders approved a cash dividend distribution for 2018 of 1.50 per cent of the nominal value for each share (1.5 fils per one share), with a total payout of Dh37.5 million for the year.-TradeArabia News Service