Dubai: Amanat Holdings, a health care and education start-up, posted a net loss of Dh14.49 million for the November 17-December 31, 2014 period, according to a statement on the Dubai Financial Market (DFM) website on Thursday.
The company’s net cash generated from operating activities amounted to Dh8.19 million during the period ending December 31, 2014. It has a net balance of cash and cash equivalents of Dh38.7 million.
Amanat said late last year that its Dh1.375 billion initial public offering (IPO) was oversubscribed. Its proceeds from the share subscription reached Dh2.5 billion. Amanat will reportedly use 25 per cent of the cash from the IPO for social infrastructure, like expanding real estate, with the rest for an innovation fund.
The company’s total assets touched Dh2.5 billion in the period ending December 31.
Amanat was established by local and international investors to capitalise on the growing education and health care markets in the UAE and the rest of the Gulf.
Health care spending in the Gulf is expected to grow at an annual rate of 10.7 per cent until 2017, while higher education student enrolment figures are predicted to expand at 5.2 per cent until 2020.
The UAE and Saudi Arabia are likely to remain the largest health care markets in the region, accounting for around 80 per cent of the Gulf’s health care spend, according to Amanat’s website. Both the countries comprise more than 80 per cent of the market in each of K-12 and higher education.
Amanat reportedly said late last year that it aims to acquire six companies in the next 12-24 months in the health care and education sectors.
It plans to deploy 95 per cent of its capital on acquisitions and partnership with existing or under development companies, and use 5 per cent of the capital to establish new ventures.
The company has a net cash of Dh2.47 billion that can be used in investing activities.
