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Amanat sees solid recovery in Q4-20

Amanat sees solid recovery in Q4-20
The company reported a net profit of AED 10.1 million for 2020.
Amanat
AMANAT
-1.66% 0.89 -0.01

Dubai – Mubasher: Amanat Holdings’ portfolio saw a solid recovery in the fourth quarter (Q4) of 2020, showcasing a rebound in performance since the first wave of Covid-19.

Income from Amanat’s education investments increased by 67% year-on-year (YoY) in Q4-20 while losses from healthcare investments narrowed by 24.6%, resulting in income from investments of AED 39.2 million, up by 95.4% yearly, according to a press release on Sunday.

In 2020, the company logged a net profit of AED 10.1 million, compared to AED 60 million a year earlier.

The company’s total income was AED 70.6 million in 2020, down by 36.8% YoY while income from investments declined by 22.3% YoY to AED 56.1 million.

Amanat’s Chairman, Hamad Al Shamsi, commented, “Reflecting on our financial results for FY20, we have witnessed a solid recovery across our portfolio in Q4-20, thanks to the operational agility and nimble strategic input from our management teams since the onset of COVID-19.”

CEO of Amanat, Mohamad Hamade, added, “Towards the end of the year, we shifted our focus increasingly towards planning a post-COVID-19 Amanat. We outlined our strategic priorities to drive our next growth cycle as we look to leverage the opportunities presented by this unprecedented global crisis and generate further sustainable value in the coming years.”