Dubai – Mubasher: The net profits of Amanat Holdings, a healthcare and education investment company, plunged by 98% to AED 586,000 in the first half (H1) of 2020 from AED 35.1 million in the corresponding period of 2019.

The company's revenues from contracts with customers increased to AED 92.96 million in the first six months of 2020 from AED 88.35 million in the year-ago period.

The basic and diluted earnings per share (EPS) settled at AED 0.0002 in H1-20, compared to AED 0.014 in H1-19.

Amanat's chairman, Hamad Alshamsi, commented: "Favorable fundamentals along with the defensive nature of the education and healthcare sectors allowed Amanat to continue delivering profitability to our shareholders despite the transient challenges brought about by the COVID-19 pandemic."

Meanwhile, the CEO of Amanat, Mohamad Hamade, noted: "At the corporate level, we have pushed forward increased efficiency and cost-cutting initiatives, including digitizing our workflows and implementing a series of staff restructuring measures while maintaining a tight rein on administrative, travel and marketing costs."

It is noteworthy to mention that in 2019, the company's net profits increased by 40% to AED 60 million when compared to the earlier year.