Amanat Holdings, the GCC's largest healthcare and education investment company, posts a net profit of AED24.3 million for the first nine months of 2018
Amanat Holdings, the GCC’s largest healthcare and education investment company, on Wednesday recorded a net profit of AED24.3 million for the first nine months of 2018.
The company said that it has now invested AED2 billion ($540 million), across three education assets, three healthcare assets and one social infrastructure asset.
"We are excited about the strong prospects for all of our investments and confident that we are well positioned to deliver on our strategy and generate sustainable value for our shareholders,” said Hamad Abdulla Al Shamsi, chairman of Amanat.
Recent majority stakes acquired include 100 percent of Middlesex University Dubai and a 69.36 percent holding in Royal Hospital for Women in Bahrain.
Amanat said it has consolidated losses associated with Middlesex University Dubai in its Q3 financials as a one-off while the Royal Hospital for Women in Bahrain is expected to commence operations in early 2019.
Income from existing associates grew strongly to AED37.1 million, up 58 percent compared to the same period in 2017, Amanat said.
Al Shamsi said: “Amanat has continued to pursue active approach whether be in its deployment or in value creation during the third quarter of 2018 in an aim to achieve growth and sustainable value to its shareholders.
"With majority stakes acquired in two exceptional education and healthcare assets during the quarter, we have now achieved capital deployment of 79 perdent of the total AED2.5 billion paid-up capital, representing significant progress in its strategy.”
Dr Shamsheer Vayalil, vice chairman and managing director of Amanat, added: “We have continued to make excellent progress in Q3, accelerating our deployment whilst continuing to identify assets which offer great opportunities to create value for our shareholders.
"Both Middlesex University Dubai and the Royal Hospital for Bahrain represent just such acquisitions... Furthermore, despite the progress in our deployment and business, we have maintained a firm control on costs.”