Amanat Holdings posts 12% rise in first-half profit

Dubai / Emirates Business

Amanat Holdings, the GCC’s largest healthcare and education investment company, reported a net profit of AED27.9 million in H1 2018, delivering double-digit gro-wth of 12% over the same period last year. The strong half-yearly performance is underpinned by the firm’s active deployment of capital.
Total revenue generated in the first half of 2018 reached AED51.9 million, up 7.4% compared to H1 2017. Income from associates stood at AED26.1 million in the half a notable year-on-year increase of 42.2%. This is a further testament of the progress Amanat has made in recent months in deploying its capital, enhancing returns through deployment in Abu Dhabi University Holding Company (acquired in March 2018) and from the additional 5.3% stake in Taaleem Holdings (acquired in December 2017) .
The end of the first half saw Amanat also closing its second investment of the year, acquiring 100% of the real estate assets of North London Collegiate School Dubai for AED360 million in June 2018, further diversifying the firm’s asset base and bringing an additional, stable income stream in line with Amanat’s long-term commitment to dividends and value creation for its shareholders.
Taking into account the acquisitions completed in the first half of the year, total deployments since inception stood at AED1.5 billion as on June 30, equivalent to almost 58% of Amanat’s capital (AED2.5bn. Following the period end, Amanat completed acquisition of Middlesex University Dubai, branch campus of Middlesex University London, achieving 73% deployment of its capital to date.