Amanat Holdings, the region’s largest integrated healthcare and education company, announced a net profit of AED23.8 million (about $6.5 million) for the first half of 2016, it said in a statement.
The UAE company made a profit of AED1.6 million for the same period in 2015. The huge increase followed improved yield rates on deposit and on the contribution of associates.
For the first six months of 2016, Amanat reported a total income of AED32.5 million, primarily from interest income of AED31.0 million. Yield on deposits came at an average of 2.88 percent, compared with 1.63 percent in the first half of 2015. Operating expenses for the first half of 2016 were AED16.4 million.
The share of profit from associates stood at AED7.7 million for H1 2016, predominantly from Amanat’s investment in Saudi Arabian healthcare operator Sukoon International Holding Company.
Its 16.34 percent stake in education provider Madaares, acquired in April 2016, contributed AED650,000 during the second quarter of 2016.
Faisal Bin Juma Belhoul, chairman of the board of Amanat, said: “Amanat is delighted to report a substantial year-on-year increase in our net profits in the first half of 2016. The recent acquisition of our stake in Madaares, and our ongoing commitment to Sukoon, provides Amanat with a strong platform for growth as we enter the second half of the year.”
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