GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >>

 
  Share
  • Net Profit in Q1 2019 stood at AED 20.7 million, a 43% increase compared to Q1 2018 as benefits of the AED1.2 Billion deployed in 4 portfolio companies show through. Excluding the Royal Hospital for Women & Children which was only recently opened and still ramping up, Amanat would have recorded an 56% growth in its Net Profit in Q1 2019 compared to Q1 2018.
  • Income from investments in associates and subsidiaries rose by 127% YOY to reach AED 30.2 million in Q1 2019.
  • Amanat is well placed for continued growth driven by its investments in healthcare and education companies.
     

Dubai, UAE 12 May 2019:  Amanat Holdings PJSC (“Amanat”), the GCC's largest healthcare and education investment company, today announced its results for the first quarter ending 31 March 2019.

Amanat realized a Net Profit of AED 20.7 million, a 43% increase compared with the same period in 2018. Total Income increased to AED 35.4 million, up 30% compared with the same period in 2018, with AED 30.2 million (up 127%) recorded from investments in associates and subsidiaries.  Excluding the Royal Hospital for Women & Children, which was recently opened and expected to record pre-operating losses during its ramp up phase, Amanat would have recorded an 37% growth in its Total Income in Q1 2019 compared to Q1 2018.

                                                                                                                                               

Q1 2019 highlights include the opening of the Royal Hospital for Women & Children in Bahrain on 21st March 2019.   The hospital, in which Amanat acquired a majority stake in August 2018, is designed to deliver industry-leading medical services centered around women and children, and its opening  is testament to Amanat's collaborative approach to its investments, leveraging its expertise and scale to create significant and sustainable value.

 

Amanat deployed AED 1.2 billion in 2018 to reach AED 2 billion of deployment since inception, marking 79% of the AED 2.5 billion paid up capital.

 

Cash balance at end Q1 2019 stood at AED 569.4 million and efficient management of cash balances saw excess cash as of 31st March 2019 yielding 3.70% compared to 3.39% in Q1 2018. Additionally, with most of its revenues following DFM recognized set of rules and requirements guided by the sharia'a principles, Amanat is considered a sharia'a compliant entity.  

 

Commenting on the results, Mr. Hamad Abdulla Al Shamsi, Chairman of Amanat, said: “I am delighted that 2019 is off to such a promising start with significant growth in our financial performance in the first quarter, and the completion of our strategic move into being a sharia'a compliant company. Following our achievements in 2018, we are moving forward in 2019 with our focused strategy which reflects our commitment to supporting the healthcare and education sectors in the GCC and beyond.

Our stated aim is to grow the size of our portfolio of investments and expand our geographic footprint, working closely with our partners to support the growth and profitability of the leading platforms we have established in healthcare and education sectors. We are confident that we are on the right path to achieve our ambition to be the investment partner of choice in healthcare and education, and to contribute to the development of those key sectors in our countries of focus.”

Mr. Tristan de Boysson, Chief Executive Officer of Amanat, added: “The first quarter of the year 2019 witnessed pleasing progress in our investments, most notably the official opening of the Royal Hospital for Women & Children (RHWC), our first investment in the kingdom of Bahrain. The strong results and healthy growth achieved in Q1 2019 reflect the benefits of our active investing strategy and the collaborative approach we implement to create value in each of our leading assets.

We are keen to continue enhancing the performance of our specialized leading platforms in healthcare and education, as we aim to build on them to generate additional income and keep on creating long term value and sustainable returns for our shareholders. With more opportunities ahead, we are well positioned to capitalize on the opportunities available as a scale player in each of our chosen markets.”

Amanat continues to distribute dividends to its shareholders, strongly reflecting its commitment to delivering shareholder returns since inception. At the Company AGM held on March 24 2019, shareholders approved a cash dividend distribution for 2018 of 1.50% of the nominal value for each share (1.5 fils per one share), with a total payout of AED 37.5 million for the year.



Posted by : GoDubai Editorial Team
Viewed 4093 times
Posted on : Sunday, May 12, 2019  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : Regions' happiest workplaces revealed
Next Story : Puig Revenues Reach €1,933 Million with Net Income of €242 Million in 2018
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
Tonda 1950 Stone-set range'
Parmigiani Fleurier Kalpagraphe Chronometre Titanium
Transform Your Bedroom and Sleep Like a King With Robinsons' Latest Bedlinen Col...
Colourful Anniversary Limited anniversary edition now available in new colors
Toric Hémisphères Rétrograde Slate The traveller's watch featuring a new guilloc...
Aston Martin Valkyrie Wows Crowds on Public Debut at Silverstone
Special edition 2019 Ford Expedition ‘Turath' arrives in Al Tayer Motors and Pre...
Happy Eid with Corum Golden Bridge Round 39
Dubai-based Blue Ocean Group expands into UK distribution market ahead of Brexit
Mouawad unveils the Mouawad Dragon Yellow and White Diamond Suite, featuring the...
Sports Collection - Autumn Winter 2019
Salvatore Ferragamo Timepieces – Summer 2019 Collection
Tissot Heritage 1973 The racing legacy
The inauguration of codeshare flights between Kuwait and Istanbul-Sabiha Gö...
Ralph Lauren at The Championships, Wimbledon – Wednesday 10th July
Schneider Electric's Biggest Engineer-to-Order Factory in Asia Utilizes IIoT Tec...
Picnic Indoors This Summer with Marks & Spencer
The Perfect Shave Kit for your Summer Travels
Kitchen Hacks: 8 Clever Ways to Smart Storing
Celebrated singer and composer Quratulain Balouch set to perform at Rajmahal The...
Ralph Lauren at The Championships, Wimbledon – Sunday 14th July
Summer Skin Rituals with SUKIN
Union Coop Reports 20% Growth in Net Profit for the First half of 2019
Dubai's leading school operator to launch Affordable IB School in Dubai- Ambassa...
Ride Into the New School Year with the Coolest Gear
Peugeot announces sizzling summer offers
IHG signs world's largest voco with Maad International in Saudi Arabia
Lincoln Nautilus: Luxury Redefined Inside and Out
Robotics and Automation to the Fore at Materials Handling Middle East
FW 2019 Amazone'
Empower launches “Intelligent Delta- T Analyzer and Detector”
UAE Team Emirates Opens Its Account at the Tour De France With a Second Place Fi...
Summer-ready BABY-G G-Lide BAX-100 makes splash this hot season
Dubai Duty Free and Arabian Automobiles raffle a Nissan GT-R this holiday season
Philipsen and Kristoff Claim Top 10 Spots for Uae Team Emirates in Stage 7 Sprin...
Ras Al Khaimah and Singapore to Discuss the Bilateral Cooperation'
Injazat Partners with Nuance to deliver Cloud-based Speech Recognition Technolog...
Union Coop Releases ‘First' Update of Its Electronic Share Trading Platform
Al Qutami chairs DHA CEO council meeting
Purificacion Garcia Introduces the Women's FW19 Collection
Canadian University Dubai joins Silk-Road Universities Network
Etihad Airways Recommences Flights to Khartoum
All-out Sprint in Albi as Philipsen Takes Sixth and Martin Breaks Into the Gener...
Automation Anywhere Expands into the Middle East with the Opening of Regional He...
Dubai International Financial Centre Continues to Prioritise Ease of Doing Busin...
Ahmed Mahboob Musabih welcomes DGEP Coordinator General
MoHAP Youth Council Discusses Mutual Cooperation with Civil Defence Youth Council
Emirates' US-bound passengers soon to have Wi-Fi, mobile connectivity and Live T...
Schneider Electric Launches First Smart Factory in Mexico Implementing Innovativ...
First results from Arc Skills' programme show how gamification can transform edu...