Amanat’s profit, revenue up on Dh1.2 deployment B

dubai — Amanat Holdings, the GCC’s largest healthcare and education investment company announced its annual financial results for 2018 on Thursday.

The company reported a net profit of Dh42.9 million in fiscal year 2018 in line with 2017 and 39 per cent higher excluding costs relating to acquisitions and nonrecurring one-offs . Total net revenue of Dh104.4 million was up 21 per cent compared with Dh86.3 million in 2017. These results reflect a significant increase in share of profit from associates as well as the initial benefits from the acquisitions completed during the year.

Amanat deployed Dh1.2 billion over the course of the year to reach Dh2 billion of deployment since inception, marking 79 per cent of the Dh2.5 billion paid up capital. Four high-quality assets have been acquired in healthcare (Royal Hospital for Women in Bahrain) and education (Abu Dhabi University Holding Company and Middlesex University Dubai) and the real estate of North London Collegiate School Dubai.

Income from associates (Sukoon — KSA, Taaleem — UAE, IMC — KSA and Abu Dhabi University — UAE) more than doubled to Dh53.1 –million in 2018 from Dh19.8 million in 2017 while net income from subsidiaries (Middlesex University – UAE and the Royal Hospital for Women - Bahrain) reached Dh5.3 million (Nil in FY 2017). Amanat has proactively supported both its existing associate and subsidiary companies during 2018 in developing their individual propositions and the increase in the financial contribution from associates and the partial contribution from subsidiaries is testament to these value creation initiatives.

Interest income reduced to Dh30.1 million from Dh57.2 million in 2017, as Amanat utilised cash balances to fund acquisitions. As at 31 December 2018, cash balances stood at Dh596 million compared with Dh1.72 billion as at 31 December 2017.

Hamad Abdulla Al Shamsi, chairman of Amanat, said: “2018 has been a year of active deployment for Amanat. The company delivered Dh1.2 billion of acquisitions in four quality assets, an ambitious array of deals which has seen the company scale considerably. ”Dr Shamsheer Vayalil, vice-chairman and managing director of Amanat, added: “We have done what we set out to do at the beginning of the year, actively identifying and securing new majority or significant minority stakes in high quality assets with the potential for strong and sustainable growth.”