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Amanat Holdings H1 profit rises 12%

Amanat Holdings H1 profit rises 12%
Amanat made investments of AED 1.1bn over the period between December 2017 and August 2018
0.71% 0.85 0.01

Dubai – Mubasher: Amanat Holdings on Monday reported a 12% year-on-year increase in its profits for the first half of 2018, recording AED 27.9 million, helped by the company’s investments.

Total revenue witnessed a 7.4% year-on-year growth to AED 51.9 million in the six-month period ended 30 June, according to a filing to the Dubai Financial Market (DFM).

The GCC’s largest healthcare and education investment company posted a 42.2% year-on-year hike in income from associates at AED 26.1 million.

“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,” Amanat's chairman Hamad Abdulla Al Shamsi commented.

The DFM-listed firm enhanced its returns through deployment in Abu Dhabi University Holding Company, after acquiring a 35% stake in March, in addition to raising its stake in Taaleem Holdings by 5.3% in December 2017.

In the same vein, the UAE-based company purchased 100% of the real estate assets of North London Collegiate School Dubai for AED 360 million in June in a bid to diversify its asset base and bring an additional, stable income stream in line with Amanat’s long-term commitment to dividends and value creation for its shareholders.

“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 highquality education and healthcare assets in the GCC and other markets,” Al Shamsi added.

Shamsheer Vayalil, vice chairman and managing director of Amanat, noted that the company made investments of AED 1.1 billion over the period between December 2017 and August 2018, demonstrating its active approach to invest in high-quality assets with the potential to grow and generate excellent long-term returns for our shareholders.