Amanat Holdings posts more than 80% fall in 2020 net profit
Income from education investments surged 67% in the fourth quarter
Dubai: Healthcare and education investment firm Amanat Holdings posted a total income of Dh70.6 million in 2020, down nearly 37 per cent year-over-year from 2019. The company’s income from investments was down 22.3 per cent at Dh56.1 million.
Amanat posted a 2020 net profit of Dh10.1 million, down 83.3 per cent from the Dh60 million it reported a year earlier.
“Reflecting on our financial results for FY-2020 we have witnessed a solid recovery across our portfolio in 4Q-2020, thanks to the operational agility and nimble strategic input from our management teams since the onset of COVID-19,” said Hamad Al Shamsi, Amanat’s Chairman, in a statement on Sunday.
Q4 does better
Income from Amanat’s education investments surged 67 per cent y-o-y in the fourth quarter of 2021, while losses from healthcare investments narrowed by 24.6 per cent during the same period.
This resulted in income from investments of Dh39.2 million for the quarter, up 95.4 per cent versus the same period a year earlier.
“Looking back at 2020, our results reflect our proactive response strategy that was focused on mitigating short-term impacts and positioning us for long-term growth,” said Mohamad Hamade, Chief Executive Officer of Amanat
“Towards the end of the year, we shifted our focus increasingly towards planning a post-COVID-19 Amanat - we are optimistic about Amanat’s prospects as we enter a new development phase steered by the key growth pillars we have formulated under the guidance of our Board of Directors,” said Hamade.
“These pillars include strategic initiatives to improve our portfolios’ performance and profitability, accelerate investments in high-yielding assets, and further optimizing our capital structure,” he added.