Amanat Holdings PJSC Announces Results for the Period Ending 31 December 2015
Amanat Holdings PJSC ("Amanat"), the region's biggest integrated health care and education company, today announced its net profit of AED 50.6 million for the period given that beginning on the 17 November 2014 to 31 December 2015.
Amanat reported overall income of AED 89.6 million, comprised primarily of AED 57.3 million gain and dividends from Al Noor Hospitals Group and an AED 32.3 million in interest income, where most of which is on Mudarabah and Wakala deposits. Amanat's share of earnings of its associate Sukoon International Holding Company PJSC ("Sukoon") for the period between the date of acquisition till 31 December 2015 was AED 8.9 million. Business expenses stood at AED 47.9 million.
As of 31 December 2015, Amanat's shareholders' equity was AED 2,557.7 million (AED 1.02 per share).
Faisal Bin Juma Belhoul, Chairman of the Board of Amanat: "We are pleased to report lucrative financial outcomes for the year 2015 which is our first year of operation. We thank our shareholders for the support they have actually extended given that the start of our journey. Given the financial and regulatory changes forming our area, we continue to work out diligence and think that given our strong money position, we are well placed to profit from the great opportunities that exist in the healthcare and education sectors.".
Khaldoun Haj Hasan, Chief Executive Officer of Amanat, said "Amanat continues to evaluate investment opportunities in the healthcare and education sectors while applying a very disciplined investment philosophy across its three business verticals. We look to partner with businesses that have a clear and distinguished company method. On the other hand, these businesses can take advantage of our investment and functional competence and capital to drive their growth plans and potentially be placed as market leaders.".
In August 2015, Amanat got a 35 % equity stake in Sukoon, a closed joint stock company supplying extended and specialist healthcare services to patients who are no more suited for medical care within a traditional hospital setting.
