Dubai – Mubasher: Amanat Holdings, listed on the Dubai Financial Market (DFM), has posted a 43% year-on-year surge in net profit for the first quarter of 2019.
Net profit amounted to AED 20.7 million in the three-month period ended 31 March 2019, according to a statement.
Total Income grew to AED 35.4 million in Q1-19, up 30% year-on-year, with AED 30.2 million recorded from investments in associates and subsidiaries, the GCC’s largest healthcare and education investment company said.
Amanat would have achieved a 37% increase in its total income during the three-month period, excluding the recently opened Royal Hospital for Women & Children, as compared to Q1-18.
The DFM-listed firm has deployed AED 1.2 billion in the full-year 2018, aiming to reach AED 2 billion of deployment since inception, “marking 79% of the AED 2.5 billion paid up capital,” the statement indicated.
In Q1-19, cash balance reached AED 569.4 million, while efficient management of cash balances witnessed excess cash as of 31 March 2019, yielding 3.70% from 3.39% in Q1-18.
Hamad Abdulla Al Shamsi, chairman of Amanat, commented: “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 shari'a compliant company.”
“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,” Al Shamsi added.
Amanat will distribute previously approved cash dividends to its shareholders for 2018 of 1.5 fils per share, accounting for 1.50% of the nominal value for each share, with a total payout of AED 37.5 million.
In August 2018, Amanat had acquired a majority stake in Royal Hospital for Women & Children, through which the company aims to provide industry-leading medical services focused on women and children.
