DUBAI / Emirates Business
Amanat Holdings PJSC, the regionâ€™s largest integrated healthcare and education company, has announced its net profit of AED50.6 million for the period since inception on November 17, 2014 to December 31 last year.
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, where the majority of which is on Mudarabah and Wakala deposits.
Amanatâ€™s share of profit of its associate Sukoon International Holding Company PJSC (â€˜Sukoonâ€™) for the
period between the date of acquisition until December 31, 2015 was AED8.9 million. However, the operating expenses stood at AED47.9 million.
Faisal Bin Juma Belhoul, Chairman of the Board of Amanat, said â€œWe are pleased to report profitable financial results for the year 2015 which is our first year of operation. We thank our shareholders for the support they have extended since the start of our journey.â€
â€œGiven 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 capitalize on the good opportunities that exist in the healthcare and education sectors,â€ stated Belhoul.
As of December 31, 2015, Amanatâ€™s shareholdersâ€™ equity was AED2,557.7 million (AED1.02 per share).
Khaldoun Haj Hasan, Chief Executive Officer of Amanat, said, â€œAmanat 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. On the other hand, these
businesses can leverage our investment and operational expertise and capital to drive their growth plans and potentially be positioned as market leaders.â€
In August 2015, Amanat acquired a 35 percent equity stake in 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.
Amanat Holdings PJSC is the regionâ€™s largest integrated healthcare and education company with a capital of AED2.5 billion. Listed on the Dubai Financial Market (DFM), Amanat has a mandate to establish, acquire and incorporate companies working in the healthcare and education sectors.