Amanat's first quarter net profit rises 10.7% on higher income from associates
(5/16/2018 8:44:00 AM)
Amanat Holdings said first quarter net profit rose 10.7 per cent increase thanks to higher income from associate companies.
The Dubai-listed firm said net profit attributable to equity holders rose to Dh14.4m from the year-earlier period, according to a regulatory filing. Total income rose 12 per cent to Dh28.3m as contributions from associates gained 35 per cent to Dh14.4m.
Amanat, which specialises in investments in healthcare and education sectors, said in March it paid Dh320.4m for a 35 per cent stake in Abu Dhabi University Holding Company, an acquisition that will help boost earnings over the coming quarters. Its investments in associates increased to Dh1.1 billion at the end of March this year, reflecting the ADUHC acquisition, compared to Dh760m reported for the same period a year earlier.
“Our positive financial performance reflects the successful and healthy relationships we have with our partners as we work alongside them to drive growth and efficiencies,” said Shamsheer Vayalil, vice chairman and managing director of Amanat. “We also succeeded in deploying Dh382m since December 2017, with more opportunities ahead as we are well positioned with a strong pipeline of potential transactions with business leaders.”
Amanat, which has traditionally invested in the top two regional economies of Saudi Arabia and the UAE, said last month it planned to expand its footprint beyond the Arabian Gulf region.
The company’s current portfolio of investments is split equally between healthcare and education with 51 per cent of those investments in Saudi Arabia and 49 per cent in the UAE.
The company in March moved Dh700m of its cash into Sharia-compliant deposits in banks in the UAE from conventional accounts in order to transform itself into a company compliant with Islamic finance.