Dubai:
Healthcare and education firm Amanat Holdings said on Tuesday net profit for the 12 months ending December 31, 2016, reached Dh38.4 million, which excluded last year’s sale of Al Noor Hospital Group and pre-operating expenses, equated to a growth of more than five fold over last year.
This substantial growth was driven by further deployment of capital which contributed to the increased profit from associates by 126 per cent and was also driven by higher interest revenue by 93 per cent, the company said in a statement.
The board also approved to distribute dividends of 1.5 per cent or 1.5 fils per share, in line with last year’s dividend.
“Amanat continued to build a portfolio of high quality healthcare and education assets throughout 2016, with each associate having the potential for significant future growth and expansion,” Faisal Bin Juma Bel Houl, Chairman of the Board of Amanat, said in a statement.
Amanat invested Dh540 million during 2016, which included two new acquisitions.
“Amanat is committed to add value to our shareholders with all the key financial indicators showing strong growth. We expect the share from associates to improve as their full year performance starts to be reflected in our financials,” Dawod Alghoul, Chief Financial Officer added.
