Amanat Holdings, a top healthcare and education investment company, has reported a net profit of Dh27.9 million ($7.6 million) in the first half (H1) of 2018, delivering double-digit growth of 12 per cent over the same period last year.

The strong half-yearly performance is underpinned by the firm’s active deployment of capital, a statement said.

Total revenue generated in the first half of 2018 reached Dh51.9 million, up7.4 per cent compared to H1 2017. Income from associates stood at Dh26.1 million in the half a notable year-on-year increase of 42.2 per cent.

This is a further testament  of the progress Amanat has made in recent months in deploying its capital, enhancing returns through deployment in Abu Dhabi University Holding Company (acquired in March 2018) and from the additional 5.3 per cent stake in Taaleem Holdings (acquired in December 2017), the statement added.

The end of the first half saw Amanat also closing its second investment of the year, acquiring 100 per cent of the real estate assets of North London Collegiate School Dubai for Dh360million in June 2018, further diversifying the firm’s asset base and bringing an additional, stable income stream in line with Amanat’s long-term commitment to dividends and value creation for its shareholders.

Taking into account the acquisitions completed in the first half of the year, total deployments since inception stood at Dh1.5 billion as at 30 June, equivalent to almost 58 per cent of Amanat’s capital (Dh2.5 billion). Following the period end, Amanat completed the acquisition of Middlesex University Dubai, the branch campus of Middlesex University London, achieving 73 per cent deployment of its capital to date.

The company’s excess cash was efficiently utilized during the first half of the year, delivering a net yield of 3.43 per cent in H1 2018, compared to 3.24 per cent in the same period last year, the statement said.

Hamad Abdulla Al Shamsi, chairman of Amanat, said: “Amanat’s strong financial performance in the first half of the year is testament to our investment strategy which has proven to be effective very early on.

“In addition, Amanat is well placed to deliver solid progress as we continue to create value in our existing portfolio and further diversify our asset base with the acquisition of high-quality education and healthcare assets in the GCC and other markets. We are optimistic about unlocking the full potential of our investments to create sustainable value and impact for our shareholders, partners and society at large.”

Dr Shamsheer Vayalil, vice chairman and managing director of Amanat, said: “Amanat has made investments amounting to Dh1.1 billion between December 2017 and August 2018, demonstrating our active approach to investing in high-quality assets with the potential to grow and generate excellent long-term returns for our shareholders.

“Following our recent investments in Middlesex University Dubai, we have now successfully deployedcirca73 per cent of our paid-up capital, which is a remarkable milestone. As we move forward into the second half of the year, we remain focused on leveraging our expertise and capabilities to help our partners create sustainable value.” – TradeArabia News Service