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Amanat posts $2.58m profit

DUBAI, May 8, 2016

Amanat Holdings, a leading integrated healthcare and education company, has announced a net profit of Dh9.5 million ($2.58 million) for the first quarter of 2016, compared to Dh1.5 million reported for Q1 2015.

Amanat’s total revenue for the three months was Dh16.6 million, more than double that for the corresponding 2015 period, comprising Dh15.5 million in interest income mainly from Mudarabah and Wakala deposits, and a realised gain of Dh1.1 million from the sale of its remaining stake in Al Noor Hospitals Group. Operating expenses stood at Dh9.4 million.

The share of profit from the investment in Sukoon International Holding Company came at Dh2.2 million in Q1 2016. Amanat invested a further SR16.625 million in Sukoon, which represents its allocated share of a pre-agreed and planned capital increase totaling SR52.6 million earmarked for expansion, the company said.  

Simultaneously, the company completed a strategic acquisition in exchange for 5 per cent of its share capital.  As a result, Amanat’s ownership in Sukoon today stands at 33.25 per cent, it added.

As of 31 March 2016, Amanat’s shareholders’ equity was Dh2,566.4 million (Dh1.027 per share).  

Faisal Bin Juma Belhoul, chairman, said: “We are pleased to report to you another set of strong results and to reflect to you our two portfolio companies namely, Sukoon and Madaares PrJSC which are both leading assets within their sectors and their geographic presence. Amanat will continue to be disciplined in sourcing desirable opportunities in the healthcare and education sectors where there is significant potential for long-term growth, and where our team can create value.” - TradeArabia News Service




Tags: profit | Healthcare | amanat |

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