Amanat Holdings’ posts Dh7m 9-month profit

Amanat Holdings, a healthcare and education company, today announced a net profit of Dh7 million for the nine month period ended September 30, 2015.

Amanat reported total income of Dh23.2 million, comprised of profit on Mudarabah and Wakala deposits amounting to Dh19.2 million, interest on call / term deposit totalling Dh2.9 million and dividend income of Dh1.1 million from its investments in Al Noor Hospitals Group.

Amanat’s share in net income of its recently acquired associate Sukoon International Holding Company for the period between the date of acquisition until September 30, 2015 was Dh3.3 million. Operating expenses for the nine-month were Dh19.4 million.

As of 30 September 2015, Amanat’s shareholders’ equity was Dh2.472 billion (Dh0.99 per share).

Faisal Bin Juma Belhoul, Chairman of the Board of Amanat: “Our focus remains to invest in and develop healthcare and education assets that provide higher quality of service and access.”

On August 10, 2015, Amanat acquired a 35% equity stake in Sukoon, a closed joint stock company providing extended and critical care medical services to patients who are no longer suited for care within a traditional hospital setting.

Khaldoun Haj Hasan, CEO of Amanat, added: “We have already started working actively with our partners in Sukoon to add value and drive growth together. Concurrently, we continue to generate and screen exciting pipeline of opportunities in both the healthcare and education sectors. Our aim is to build a desirable portfolio of assets that has significant scope for long-term growth and that can benefit from our team’s expertise.”