Amanat’s net profit rises 26% in first half of 2019

Dubai / Emirates Business

Amanat Holdings PJSC (“Amanat”), the GCC’s largest healthcare and education investment company, announced its results for the second quarter ending on June 30.
Amanat recorded a net profit of AED35.1 million in H1 2019 representing a 26 percent increase compared with the same period in 2018, and a total income of AED63.8 million, up
28 percent compared with the same period in 2018, demonstrating Amanat’s continuous growing performance. Excluding the Royal Hospital for Women & Children, which was opened in Q1 this year and is expected to record pre-operating losses during its ramp up phase, Amanat would have recorded a 56 percent growth in its total income in H1 2019 compared to H1 2018.
Income from associates and subsidiaries recorded a high growth of 121 percent year on year to reach AED 54.5 million, accounting for 85 percent of the total income in H1 2019 (vs 49 percent in H1 2018) as benefits of the AED1.2 billion deployed in 4 portfolio companies in 2018 show through. This validates the firm’s success in diversifying its asset base and bringing on an additional stream of income in line with the company’s commitment to creating long-term value for its shareholders.
Amanat’s excess cash was efficiently utilised during the first half of 2019, reaching AED537 million in June and delivering a net yield of 3.34 percent in H1 2019, compared to 3.29 percent in the same period last year.
Commenting on the results, Hamad Abdulla Al Shamsi, Chairman of Amanat, said: Amanat’s solid performance in H1 2019 is a testament to our investment strategy which has proven to be effective and sustainable. Amanat is well placed to continue delivering solid results as we seek to explore investment opportunities in the GCC and the Mena region. We are on the right track to achieve Amanat’s aspirations to become a global investment partner of choice in healthcare and education sectors, and to unlock the full potential of our investments to create long-term value.”
Tristan de Boysson, Chief Executive Officer of Amanat, added: “As we move in the second half of the year, we remain focussed on working closely with the management of our portfolio companies to support their growth and profitability. We also continue to evaluate additional investments opportunities through direct and add-on acquisitions as we see substantial opportunities for Amanat in its two chosen markets of healthcare and education.”
Amanat deployed a total of AED2 billion since inception, utilising 79 percent of its AED2.5 billion paid up capital. With most of its revenues following DFM recognised set of rules guided by the sharia’a principles, Amanat is considered a sharia’a compliant entity.