Amanat posts modest profit gains

Health care and education investment firm Amanat Holdings announced yesterday a moderate growth in net profits and revenue for 2017.

Amanat recorded a net profit of Dh42.3 million last year, a 10 per cent increase compared to the same period in 2016.

Total income grew to Dh89.5 million, a 6 per cent increase compared to the same period in 2016.

Interest income reached Dh57.2 million, registering a yield of 3.27 per cent in 2017, compared to Dh62.2 million and a yield of 2.93 per cent in 2016.

The company says that the lower interest income was primarily due to the acquisition of a 13 per cent stake in the International Medical Centre (“IMC”), a 300-bed multidisciplinary hospital that serves Saudi Arabia’s Western Region, in December 2016.

In December 2017, Amanat increased its ownership in Taaleem Holdings, a provider of K-12 primary and secondary education, to 21.7 per cent, equalling a total investment of Dh52 million.

In a statement on the results, Hamad Abdullah Al Shamsi, chairman of the board of Amanat, said: “I am pleased with the results of 2017 and confident in what 2018 will bring in terms of opportunities, and we do assure our shareholders that we will continue to be commitment [sic] to deliver stronger returns and greater long-term sustainable value.”