UAE's Amanat posts 12% rise in half-year net profit

GCC's largest healthcare and education investment company Amanat says half-year revenue jumps more than 7%
UAE's Amanat posts 12% rise in half-year net profit
By Sam Bridge
Mon 13 Aug 2018 02:13 PM

Amanat Holdings, the GCC’s largest healthcare and education investment company, on Monday reported a net profit of AED27.9 million in the first half of 2018, up 12 percent over the same period last year.

The strong half-yearly performance is underpinned by the firm’s active deployment of capital, Amanat said in a statement.

Total revenue generated in the first half of 2018 reached AED51.9 million, up 7.4 percent while income from associates stood at AED26.1 million in the half, an increase of 42.2 percent.

Taking into account the acquisitions completed in the first half of the year, total deployments since inception stood at AED1.5 billion as at June 30, equivalent to almost 58 percent of Amanat’s capital (AED2.5 billion).

Following the period end, Amanat completed the acquisition of Middlesex University Dubai, the branch campus of Middlesex University London, achieving 73 percent deployment of its capital to date.

Hamad Abdulla Al Shamsi, chairman of Amanat, said: “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.

"In addition, 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 high-quality education and healthcare assets in the GCC and other markets.

"We are optimistic about unlocking the full potential of our investments to create sustainable value and impact for our shareholders, partners and society at large.”

In April, Amanat revealed its refreshed investment strategy focused on majority or significant minority stakes in high-quality, high-growth potential companies exclusively in the healthcare and education sectors across the GCC and beyond.

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