- Steady growth in net profits and total income
- Net Profit of AED 39.9 million for the period ending September 30th 2017, a growth of 8.5% compared to the same period last year
- Income from associates reached AED 23.5 million for the period ending September 30th 2017, a growth of 67.2% compared to the same period last year
Dubai, UAE 09 November 2017 – Amanat Holdings PJSC (“Amanat”), the GCC’s largest Healthcare and Education Investment Company today announced its results for the period ending September 30th, 2017 with a solid growth in net profit.
Amanat recorded a net profit of AED 39.9 million for the period ending September 30th 2017, a 8.5% increase compared to the same period in 2016. Total Income grew to AED 75.6 million, a 21.8% increase compared to the same period in 2016. The strong results were driven by a 67.2% increase in the share of income from associates, which stood at AED 23.5 million for the period ending September 30th 2017, compared to AED 14.1 million for the same period last year. The Company enjoys a strong financial position and growing operating cash flows driven by dividend distributions from associates, primarily Taaleem Holdings PJSC and International Medical Center (“IMC”) which reached AED 16 million for the period ending September 30th 2017; and driven by enhanced yield on liquidity.
During the last quarter, the team at Amanat has continued to work closely with shareholders and managements of its portfolio companies on several initiatives including evaluating strategic growth and expansion plans, diversifying revenue and client base, and initiatives aimed at improving productivity and enhancing margins.
Commenting on the results, Faisal Bin Juma Belhoul, Chairman of the Board of Amanat said: “I am delighted with the results we have achieved since the start of 2017. With increased demand for quality healthcare and education services in the GCC, the time is very opportune for the private sector to play a growing role in its contribution to these sectors. With our long term and collaborative investment approach we are well positioned to capitalize on these opportunities. We will continue to deliver on creating long term sustainable value for our shareholders while pursuing our mission to enhancing peoples’ prosperity - physically, intellectually and financially.”
Khaldoun Haj Hasan, Chief Executive Officer of Amanat, said “Throughout the third quarter we continued our emphasis on supporting our portfolio companies with their growth plans and maintaining prudency in managing our costs; all while focusing on finding the right and unique investment opportunities. We are optimistic and excited with the remainder of 2017 as we are finalizing investment negotiations with like-minded business champions, and aim to support them with complementary skills and empower them to grow and create a true legacy.”
About Amanat Holdings PJSC
Amanat Holdings PJSC is the region’s largest integrated healthcare and education company with a capital of AED 2.5 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, and develop, manage and operate these companies within the GCC.
For further information visit: www.amanat.com
Additional Information on
Sukoon International Holding Company (“Sukoon”):
Sukoon is an acute extended care, critical care and home care medical service provider. It medical services to patients who are no longer suited for care within a traditional hospital setting. Such patients range from those who require short stays to undergo rehabilitation and/or long term nursing care (LTC) to patients in need of 24/7 intensive and cardiac care (ICU and CCU). Sukoon’s focused business model allows for higher quality of care at cost effective prices. Sukoon’s flagship facility, located in Jeddah, has physical capacity for 230 beds. The company plans to open a similar facility in Riyadh by 2018. Amanat invested in Sukoon in August 2015.
Taaleem Holdings (“Taaleem”):
Taaleem is one of the leading providers of early childhood, primary and secondary education. Currently operates seven schools and three nurseries in the UAE. Madaares offers premium education across multiple curricula, including British, American and International Baccalaureate, as well as a multi-lingual early childhood programme. Its operations are closely integrated with the vast majority of nursery students progressing to one of the group’s primary schools. Amanat invested in Taaleem in April 2016.
International Medical Center (“IMC”):
IMC is a 300-bed multi-disciplinary tertiary care hospital that serves Saudi Arabia’s Western Region and features specialty centers providing a wide range of comprehensive treatment options. These services are delivered by more than 150 US, Canadian and European certified physicians in over 30 specialties including Orthopedics, Cardiology, Oncology, Women’s Health and Children’s Health. State-of- the-art facilities enable IMC to rank among the best healthcare providers in the region. Amanat invested in IMC in December 2016.