Abu Dhabi: Amanat Holdings, an integrated healthcare and education company announced a net profit of Dh36.8 million for the nine months ending 30 September 2016, significantly up on the figure of Dh7.1 million reported in the corresponding period of last year.
Net profit for the third quarter has gone up from Dh5.5 million to Dh13 million, the company announced on Sunday.
Growth in profit was driven by strong income from associate and from interest income. Share of profit from associates stood at Dh14.1 million, with the largest contribution (Dh9.3 million) coming from Amanat’s investment in Saudi Arabian healthcare operator Sukoon International Holding Company.
The company’s 16.34 percent stake in Madaares also made a significant contribution (Dh4.7 million) to the profit. Interest income is Dh46.5 million which is higher substantially than last year from robust cash management.
Total investments grew to reach Dh366 million as compared to Dh206 million as of Dec 31, 2015, the company said.
Since April 2016 Amanat acquired 16.34 per cent in Madaares which provides K- 12 primary and secondary education in the UAE.
With further deployment of capital and increase in investments, operating costs for the first nine months of 2016 stood at Dh25.3 million, compared to Dh19.4 million in the same period of last year.
Khaldoun Haj Hasan, Chief Executive Officer of Amanat said: “Despite uncertain economic times, we remain bullish about the outlook for the healthcare and education sectors, and optimistic about the potential to secure deals at attractive valuations and in line with our strict investment criteria.”
