Dubai PR Network, Online Press Release from Dubai and Middle East
 
Business, Banking and Investments(Banking & Investments)
Filter PR by
  
Amanat Holdings records 43% growth in Net Profit in Q1 2019
 
  • Net Profit in Q1 2019 stood at AED 20.7 million, a 43% increase compared to Q1 2018 as benefits of the AED1.2 Billion deployed in 4 portfolio companies show through. Excluding the Royal Hospital for Women & Children which was only recently opened and still ramping up, Amanat would have recorded an 56% growth in its Net Profit in Q1 2019 compared to Q1 2018.
  • Income from investments in associates and subsidiaries rose by 127% YOY to reach AED 30.2 million in Q1 2019.
  • Amanat is well placed for continued growth driven by its investments in healthcare and education companies.
     

Dubai, UAE 12 May 2019:  Amanat Holdings PJSC (“Amanat”), the GCC’s largest healthcare and education investment company, today announced its results for the first quarter ending 31 March 2019.

Amanat realized a Net Profit of AED 20.7 million, a 43% increase compared with the same period in 2018. Total Income increased to AED 35.4 million, up 30% compared with the same period in 2018, with AED 30.2 million (up 127%) recorded from investments in associates and subsidiaries.  Excluding the Royal Hospital for Women & Children, which was recently opened and expected to record pre-operating losses during its ramp up phase, Amanat would have recorded an 37% growth in its Total Income in Q1 2019 compared to Q1 2018.

                                                                                                                                               

Q1 2019 highlights include the opening of the Royal Hospital for Women & Children in Bahrain on 21st March 2019.   The hospital, in which Amanat acquired a majority stake in August 2018, is designed to deliver industry-leading medical services centered around women and children, and its opening  is testament to Amanat’s collaborative approach to its investments, leveraging its expertise and scale to create significant and sustainable value.

 

Amanat deployed AED 1.2 billion in 2018 to reach AED 2 billion of deployment since inception, marking 79% of the AED 2.5 billion paid up capital.

 

Cash balance at end Q1 2019 stood at AED 569.4 million and efficient management of cash balances saw excess cash as of 31st March 2019 yielding 3.70% compared to 3.39% in Q1 2018. Additionally, with most of its revenues following DFM recognized set of rules and requirements guided by the sharia’a principles, Amanat is considered a sharia’a compliant entity.  

 

Commenting on the results, Mr. Hamad Abdulla Al Shamsi, Chairman of Amanat, said: “I am delighted that 2019 is off to such a promising start with significant growth in our financial performance in the first quarter, and the completion of our strategic move into being a sharia’a compliant company. Following our achievements in 2018, we are moving forward in 2019 with our focused strategy which reflects our commitment to supporting the healthcare and education sectors in the GCC and beyond.

Our stated aim is to grow the size of our portfolio of investments and expand our geographic footprint, working closely with our partners to support the growth and profitability of the leading platforms we have established in healthcare and education sectors. We are confident that we are on the right path to achieve our ambition to be the investment partner of choice in healthcare and education, and to contribute to the development of those key sectors in our countries of focus.”

Mr. Tristan de Boysson, Chief Executive Officer of Amanat, added: “The first quarter of the year 2019 witnessed pleasing progress in our investments, most notably the official opening of the Royal Hospital for Women & Children (RHWC), our first investment in the kingdom of Bahrain. The strong results and healthy growth achieved in Q1 2019 reflect the benefits of our active investing strategy and the collaborative approach we implement to create value in each of our leading assets.

We are keen to continue enhancing the performance of our specialized leading platforms in healthcare and education, as we aim to build on them to generate additional income and keep on creating long term value and sustainable returns for our shareholders. With more opportunities ahead, we are well positioned to capitalize on the opportunities available as a scale player in each of our chosen markets.”

Amanat continues to distribute dividends to its shareholders, strongly reflecting its commitment to delivering shareholder returns since inception. At the Company AGM held on March 24 2019, shareholders approved a cash dividend distribution for 2018 of 1.50% of the nominal value for each share (1.5 fils per one share), with a total payout of AED 37.5 million for the year.


Posted by : Dubai PR Network Editorial Team
Viewed 6820 times
PR Category : Banking & Investments
Posted on : Sunday, May 12, 2019  12:28:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Regions' happiest workplaces revealed
Next Story : Puig Revenues Reach €1,933 Million with Net Income of €242 M...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Make Up for Ever Introduces for the First Time Its New Active Care-in-foundation to Revive... [6326-Views]
HONOR 2020 H1 Business Achievements in International Markets [4022-Views]
Here's Why A Silicone Cleansing Brush Champions Other Cleansing Tools and Techniques [3682-Views]
Get Your No-MakeUp MakeUp Look With Hourglass [3563-Views]
Samsung Launches Galaxy Watch3 and Galaxy Buds Live [3325-Views]
Panasonic Jaguar Racing Head to Berlin for a Lockdown Showdown [3264-Views]
Save up to AED 25,000 on Pre-Owned Lexus Cars with Al-Futtaim Auto Fest [3120-Views]
Safe Start-up of Unit 1 of Barakah Nuclear Energy Plant Successfully Achieved [3026-Views]
Parmigiani Fleurier Tonda 1950 Tourbillon [2993-Views]
Sony Middle East & Africa Announces ‘Ready for PlayStation®5' for current BRAVIA™ TVs [2595-Views]
Introducing the New Omega Constellation Gents' Collection' [2403-Views]
Lacoste Launches the Roland - Garros Eyewear Collection [2390-Views]
UAE Team Emirates Back to Winning Ways [2345-Views]
Pre-Orders for Samsung's Galaxy Note20 and Galaxy Note20 Ultra Now Open in the UAE [2288-Views]
Up to €500,000 to Support the Most Promising Innovators: The Agrofood BIC Accelerator Issu... [2202-Views]
Jafza Sets a New Benchmark With ‘collaboration for Safe and Sustainable Growth' Webinar' [2173-Views]
The Last Few Weeks of Dubai Shopping Mall Group's Summer Promotion [2050-Views]
The Best Just Got Better – Sony Middle East & Africa Announces WH-1000XM4 Industry-Leading... [2034-Views]
Kia Motors Collects Over 2,000 Pairs of Football Boots via UEFA Europa League Trophy Tour ... [2021-Views]
Cebu Pacific Advisory: Suspension of Domestic Passenger Flights to/from Manila – Aug 4 to ... [2005-Views]
Dubai Sports Council and Ski Dubai to Host One of the World's First Snow Sports Competitio... [1972-Views]
Malabar Gold & Diamonds Opens 2 New Showrooms as Part of Its Global Expansion Plan [1870-Views]
New Month, New Goals [1857-Views]
Face Shields Now Required for Cebu Pacific Passengers [1820-Views]
Post-COVID Travel is Set to Become Smarter. Here's How. [1812-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories