Amanat Holdings H1 profit rises 4.8% to Dh25 million

Faisal bin Juma Belhoul, Chairman of the Board of Amanat and Khaldoun Haj Hasan, Chief Executive Officer of Amanat along with other Board members of Amanat. -Supplied photo

Amanat Holdings, a healthcare and education investment company, on Thursday said it recorded a net profit of Dh25 million for H1 2017, a 4.8 per cent increase compared to the same period in 2016.
Total income grew to Dh48.3 million, a 20.1 per cent increase compared to the same period in 2016. The strong H1 results were supported by 137.5 per cent increase in the share of income from associates, which stood at Dh18.4 million for the period ending 30 June 2017, compared to Dh7.7 million for the same period last year. Interest income also reached Dh28.7 million, driven by higher yield.
Increased income from healthcare associates to Dh12.2 million was driven by contributions from International Medical Center which registered Dh13 million for H1 2017.
Income from the education associate reached Dh6.2 million in H1 2017 compared to Dh0.61 million in H1 2016 primarily since Taaleem Holding  was acquired in April 2016.  Taaleem has a portfolio of eleven schools and nurseries with an enrolment of around 9,000 students.
Faisal bin Juma Belhoul, Chairman of the Board of Amanat said: "A smarter, healthier society is a more successful one and the ongoing growth in the healthcare and education sectors are the foundations for stronger long-term economic growth in the GCC. With increased demand for quality healthcare and education services in the GCC, I believe Amanat has the capital, expertise and passion to become the partner of choice to support the investment demands needed to further develop these sectors. Our long term focus remains on delivering our unique collaborative investment approach, enhancing peoples' prosperity - physically, intellectually and financially, and creating long- term sustainable value for shareholders." - waheeed@khaleejtimes.com