Dubai: Amanat Holdings PJSC (Amanat) on Wednesday reported a net profit of Dh35.1 million in H1 2019 representing a 26 per cent increase compared with the same period in 2018, and a total income of Dh63.8 million, up 28 per cent compared with the same period in 2018.
Excluding the Royal Hospital for Women & Children, which was opened in Q1 2019 and is expected to record pre-operating losses during its ramp up phase, Amanat would have recorded a 56 per cent growth in its total income in H1 2019 compared to H1 2018.
Income from associates and subsidiaries recorded a high growth of 121 per cent year on year to reach Dh54.5 million, accounting for 85 per cent of the total income in H1 2019 (vs 49 per cent in H1 2018) as benefits of the Dh1.2 billion deployed in 4 portfolio companies in 2018 show through. This validates the firm’s success in diversifying its asset base and bringing on an additional stream of income in line with the company’s commitment to creating long-term value for its shareholders.
Amanat’s excess cash was efficiently utilised during the first half of 2019, reaching Dj537 million as of 30 June 2019 and delivering a net yield of 3.34 per cent in H1 2019, compared to 3.29 per cent in the same period last year.