Amanat Hold­ings cuts losses in third quar­ter on rise in in­come

The National - News - - BUSINESS - FA­REED RAH­MAN

Amanat Hold­ings, the Dubai-listed in­vest­ment com­pany that spe­cialises in health care and ed­u­ca­tion, nar­rowed losses for the third quar­ter on the back of a rise in op­er­at­ing and fi­nance in­come.

Losses for the three months to the end of Septem­ber re­duced to Dh1.7 mil­lion, from Dh3.6m dur­ing the same pe­riod last year, the com­pany said in a fil­ing to the Dubai Fi­nan­cial Mar­ket, where its shares are traded.

Op­er­at­ing in­come in the third quar­ter rose to Dh16.4m from Dh3m dur­ing the same pe­riod last year and fi­nance in­come rose 24 per cent to Dh10.5m dur­ing the pe­riod.

“In line with our com­mit­ment to cre­at­ing long-term value for our share­hold­ers, the man­age­ment has been con­sis­tent in de­liv­er­ing on strate­gic im­prove­ments across our health­care and ed­u­ca­tion plat­forms which is re­flected in the com­pany’s solid per­for­mance,” said Hamad Al Shamsi, chair­man of Amanat.

Amanat suc­cess­fully in­vested Dh1.2 bil­lion in 2018 across mul­ti­ple health­care and ed­u­ca­tion as­sets, “strongly back­ing the in­crease in in­come from in­vest­ments”, Mr Al Shamsi said.

“This is tes­ta­ment to the strength of our in­vest­ment strat­egy and fur­ther paves our road map to­wards build­ing on our strong port­fo­lio of as­sets,” he added.

Dur­ing the nine-month pe­riod, the com­pany re­ported a 38 per cent in­crease in net profit year-on-year to Dh33.4m. Rev­enue at the end of the nine-month pe­riod stood at Dh89.3m and op­er­at­ing in­come rose to Dh22.51m, from Dh4.6m dur­ing the same pe­riod last year.

The in­crease in in­come from in­vest­ments in the nine months of the year was led by

Op­er­at­ing in­come rose to Dh16.4m from Dh3m dur­ing the same pe­riod last year and fi­nance in­come rose 24%

a strong con­tri­bu­tion at its ed­u­ca­tion plat­form, driven by a pos­i­tive per­for­mance from Mid­dle­sex Univer­sity Dubai, which the com­pany bought from the liq­uida­tors of pri­vate eq­uity com­pany Abraaj Group in June last year.

The as­set brought in Dh18.3m in in­come, the com­pany said.

Fi­nance lease in­come from the real es­tate as­sets of the North London Col­le­giate Schools Dubai also brought in Dh20.6m in the nine month pe­riod, it added.

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