Dubai: Its education focussed investments paid off for Amanat Holdings in the October to December 2020 period, while there was a narrowing of losses in the healthcare division.
For the full-year 2020, the investment company could not shake off the combined effect of a slowing economy and the pandemic, with adjusted net profits down 37.3 per cent to Dh25.2 million. Total adjusted income came to Dh86.7 million, down 5 per cent.
Stripped off the adjustments, net profit was Dh8.3 million compared to Dh60 million last year. In October last, Amanat confirmed it was terminating plans to sell the Middlesex University in Dubai.
Its other assets include International Medical Center (IMC), a 300-bed hospital in Jeddah and Sukoon, a provider of acute extended care, critical care and home care medical services also based in Jeddah. There is also the Royal Hospital for Women and Children in Bahrain. Amanat’s education platform includes Taaleem - a leading provider of K12 and early education in the UAE - and Abu Dhabi University Holding Company.
Dh457millionCash in hand at the end of December 31, 2020
A top official, however, reckons that the numbers show enough operational strength. “Despite the challenges, both Amanat and its portfolio companies managed to conclude the year with a satisfactory result,” said Hamad Al Shamsi, Chairman.
“Amanat’s financial strength and capital structure managed to put us in a favorable position to navigate the headwinds. We have already seen a solid recovery across our portfolio companies thanks to the operational agility we have built over recent years positioning us well for 2021.”
In the coming phase we will focus on investing in businesses with strong earnings potential that are leading the transformation of the healthcare and education sectors