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Sun 20 Mar 2016 07:38 AM

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Dubai's Amanat posts $13.7m net profit for first year of ops

Healthcare and education firm says continuing to evaluate new investment opportunities in both sectors

Dubai's Amanat posts $13.7m net profit for first year of ops

Dubai's Amanat Holdings, an integrated healthcare and education company, has announced it made net profit of AED50.6 million ($13.7 million) in its first full year of operations to the end of 2015.

Amanat reported total income of AED89.6 million, comprised mainly of AED57.3 million of gain and dividends from Al Noor Hospitals Group and an AED32.3 million in interest income.

It said in a statement that its share of profit of its associate Sukoon International Holding Company for the period between the date of acquisition until December 31 2015 was AED8.9 million. Operating expenses stood at AED47.9 million.

Faisal Bin Juma Belhoul, chairman of Amanat, said: “Given the economic and regulatory changes shaping our region, we continue to exercise diligence and believe that given our strong cash position, we are well positioned to capitalise on the good opportunities that exist in the healthcare and education sectors.”

Khaldoun Haj Hasan, CEO of Amanat, added: “Amanat continues to evaluate investment opportunities in the healthcare and education sectors while applying a very disciplined investment philosophy across its three business verticals. We look to partner with businesses that have a clear and differentiated business strategy.”

In August 2015, Amanat acquired a 35 percent equity stake in Saudi-based Sukoon, a closed joint stock company providing extended and specialist healthcare services to patients who are no longer suited for medical care within a traditional hospital setting.

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