The healthcare and education company Amanat Holdings’ second-quarter net profit soared on improved yield rates on deposits, the company said.
The Dubai-listed company reported a net profit of Dh14.3 million for the second quarter compared to Dh124,000 during the same period last year.
Amanat’s companies in Saudi Arabia and Dubai returned Dh5.5m in profit during the second quarter.
The majority of its profit from invested companies came from Saudi Arabia’s healthcare operator Sukoon International Holding, in which Amanat holds a 33.2 per cent stake. Sukoon contributed Dh4.8m to profit during the second quarter. It first turned a profit of Dh2.2m for Amanat during the first quarter.
Amanat reported a profit from Dubai’s education provider Madaares after acquiring a 16.3 per cent stake in the company in April for Dh139.4 million. Madaares contributed Dh650,000 to Amanat’s profit during the second quarter.
The holding company more than doubled total quarterly income in the second quarter to Dh15.8m from Dh6.4m a year earlier, primarily from interest income of Dh15.4m. It had Dh31.7m in cash at the end of June, down from Dh393.1m a year earlier.
“We will support both associates as they explore opportunities for expansion, subject to propitious conditions within the wider macroeconomic environment,” said Khaldoun Haj Hasan, the chief executive of Amanat, referring to Madaares and Sukoon. “Amanat continues to evaluate a healthy pipeline of opportunities and considers further investments in the healthcare and education sectors.”
The company declined to comment on its future investment plans.
Amanat also appointed Kassem Alom, a founding member of Al Noor Hospitals, as a non-executive independent director.
Amanat shares were trading at 80 fils on Monday afternoon, unchanged from Sunday’s close. That is down from 81 fils a year ago.
Amanat’s initial public offering raised more than Dh13.6 billion in November 2014.
ssahoo@thenational.ae
