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Mon 13 May 2019 01:53 PM

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UAE's Amanat says Q1 net profit rises by 43%

GCC's largest healthcare and education investment company plans to grow portfolio, expand geographic footprint in 2019

UAE's Amanat says Q1 net profit rises by 43%
Hamad Abdulla Al Shamsi, chairman of Amanat.

Amanat Holdings, the GCC’s largest healthcare and education investment company, has announced a first quarter net profit of AED20.7 million, a 43 percent increase compared to the same period in 2018.

Total income increased to AED35.4 million, up 30 percent, with AED30.2 million (up 127 percent) recorded from investments in associates and subsidiaries. 

Excluding the Royal Hospital for Women & Children in Bahrain, which was recently opened and expected to record pre-operating losses during its ramp up phase, Amanat said it would have recorded an 37 percent growth in its Q1 total income.

Amanat said Q1 highlights included the opening of the Royal Hospital for Women & Children in Bahrain, in which Amanat acquired a majority stake in August 2018.

Amanat added that it deployed AED1.2 billion in 2018 to reach AED2 billion of deployment since inception, marking 79 percent of the AED2.5 billion paid up capital.

Hamad Abdulla Al Shamsi, chairman of Amanat, said: “I am delighted that 2019 is off to such a promising start with significant growth in our financial performance in the first quarter, and the completion of our strategic move into being a sharia’a compliant company.

"Following our achievements in 2018, we are moving forward in 2019 with our focused strategy which reflects our commitment to supporting the healthcare and education sectors in the GCC and beyond. Our stated aim is to grow the size of our portfolio of investments and expand our geographic footprint, working closely with our partners to support the growth and profitability of the leading platforms we have established in healthcare and education sectors.

"We are confident that we are on the right path to achieve our ambition to be the investment partner of choice in healthcare and education, and to contribute to the development of those key sectors in our countries of focus.”

Tristan de Boysson, CEO of Amanat, added: “We are keen to continue enhancing the performance of our specialised leading platforms in healthcare and education, as we aim to build on them to generate additional income and keep on creating long term value and sustainable returns for our shareholders. With more opportunities ahead, we are well positioned to capitalise on the opportunities available as a scale player in each of our chosen markets.”

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