Dubai: Healthcare and education investment company Amanat Holdings (Amanat) reported a net profit of Dh235.3 million in H1-2021 compared to Dh 0.6 million in the same period last year.
The company posted a total income of Dh255.6 million, a nine-fold increase from the Dh28.2 million in H1-2020, while income from investments grew to Dh251.9 million versus Dh21.3 million this time last year.
Strong results were reported by both Amanat’s healthcare and education platforms. The company’s profitability was also bolstered by the Dh160 million gain on sale of Amanat’s share of Taaleem Holdings in April 2021, along with robust contributions made from Amanat’s new healthcare investment, Cambridge Medical and Rehabilitation Center (CMRC).
Excluding the impact from Taaleem’s gain on sale, net profit is Dh75.3 million. The company’s total expenses stood at Dh20.2 million in H1-2021, down by 26.8 per cent compared to same time last year.
At our healthcare assets, we are witnessing a strong and steady recovery in patient volumes from last year’s lows, while the cost reduction and optimization initiatives introduced over the last twelve months continue to bear fruit. At our education platform, continued outperformance is fueled by growing student enrolments and our successful operational efficiency initiatives.
Amanat’s healthcare investments posted an impressive recovery during the first-half of 2021 and recorded an income from investments of Dh19.2 million versus a loss of Dh38.7 million in H1-2020. While the platform’s results were buoyed by the addition of CMRC, which contributed Dh21.8 million to income from investment since its acquisition in February.
Amanat’s education platform recorded an income from investment of Dh232.8 million in H1-2021, up 288.2 per cent year on year.