Amanat Holdings cuts losses in third quarter on rise in income
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.