Dubai: Amanat Holdings, a health care and education company, posted a net profit of Dh9.5 million in the first three months of 2016, up from Dh1.5 million during the same period in 2015, it said in a statement on Sunday.
Amanat’s total revenue for the first quarter was Dh16.6 million, which it said, was “more than double that for the corresponding 2015 period”, comprising Dh15.5 million in interest income mainly from Mudarabah and Wakala deposits, and a realised gain of Dh1.1 million from the sale of its remaining stake in Al Noor Hospitals Group.
Operating expenses, meanwhile, reached Dh9.4 million, the company stated.
The share of profit from the investment in Sukoon International Holding Company reached Dh2.2 million in the first quarter. Amanat has invested a further 16.625 million Saudi riyals in Sukoon in the first quarter of this year, which represents its allocated share of a pre-agreed and planned capital increase totalling 52.6 million Saudi riyals earmarked for expansion.
Ownership
The company also completed a strategic acquisition in exchange for 5 per cent of its share capital. As a result, Amanat’s ownership in Sukoon today stands at 33.25 per cent, according to the company’s statement.
“Amanat will continue to be disciplined in sourcing desirable opportunities in the health care and education sectors where there is significant potential for long-term growth, and where our team can create value,” Faisal Bin Juma Belhoul, Chairman of the Board of Amanat, said in the statement.
As of March 31 2016, Amanat’s shareholders’ equity was Dh2.56 billion (Dh1.027 per share).
