Amanat Holdings announces net profit for first half of 2017
Amanat Holdings, the Gulf’s largest healthcare and education investment company, has announced its results for the period ending June 30, 2017.
Amanat recorded a net profit of 25 million dirhams ($6,806,425) for the first half of 2017, a 4.8 percent increase compared to the same period in 2016, excluding a one-off item in H1 2016; growth would have stood at 28.6 percent. Total Income grew to 48.3 million dirhams, a 20.1 percent increase compared to the same period in 2016. The strong H1 results were supported by 137.5 percent increase in the share of income from associates, which stood at 18.4 million dirhams for the period ending June 30, 2017, compared to 7.7 million dirhams for the same period last year. Interest income also reached 28.7 million dirhams, driven by higher yield.
Increased income from healthcare associates amounting to 12.2 million dirhams was driven by contributions from International Medical Center (IMC), which registered 13.0 million dirhams for H1 2017. Since the acquisition of IMC in December 2016, a 300-bed multi-disciplinary state-of-the-art hospital that serves Saudi Arabia’s Western Region, Amanat has worked closely with IMC’s management on key strategic growth initiatives in Jeddah to increase bed capacity, the roll out of primary care and polyclinic/day case surgery centers across different areas in Jeddah and key operational and productivity initiatives to improve productively and strengthen operations. As for Sukoon International Holding, the first half of 2017 was focused on supporting the company’s progress with the expansion of its Jeddah and Riyadh facilities to increase the total bed capacity of both facilities. During the first half of 2017, there was also focus on initiatives to drive diversification of the customer base and cost improvements.
Income from the education associate reached 6.2 million dirhams in H1 2017 compared to 0.61 million dirhams in H1 2016 primarily since Taaleem Holding was acquired in April 2016. Amanat continues to work with key shareholders and management in identifying potential growth prospects with focus on expanding the business and increasing student capacity. Today Taaleem has a portfolio of eleven schools and nurseries with an enrolment of around 9,000 students.