UAE's Amanat third quarter net profit surges 15.2%

Increased income from associates boosted profit for Dubai-listed investment firm

Faisal Belhoul, the chairman of Amanat, said the time is very opportune for the private sector to play a growing role in its contribution to healthcare and education sectors. Lee Hoagland / The National

Amanat Holdings, the Dubai-listed firm which specialises in investments in healthcare and education sectors, recorded a 15.2 per cent jump in the third quarter net profit, helped by an increase in income from associates in the UAE and Saudi Arabia.

Net profit attributable to equity holders in the three months ending September 30 reached Dh14.9 million compared with Dh12.9m a year earlier, the company said in a statement. Total income for the period rose 42.8 per cent to Dh22.1m from Dh15.5m.

“With increased demand for quality healthcare and education services in the GCC, the time is very opportune for the private sector to play a growing role in its contribution to these sectors,” said chairman Faisal Belhoul. “With our long term and collaborative investment approach we are well positioned to capitalise on these opportunities.”

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Taaleem Holdings, a provider of early childhood, primary and secondary education in the UAE, and International Medical Centre, a 300-bed tertiary care hospital in Saudi Arabia’s Western Region contributed to higher income. Its third portfolio asset is Sukoon International Holding, an extended healthcare facility based in Jeddah.

Amanat has so far made one exit from investments when it last year sold its stake in in Abu Dhabi-based Al Noor Hospitals.

The portfolio companies of Amanat are getting closer to being ready for initial public offerings (IPOs) and may seek listings on regional stock exchanges within two to four years, its chairman told The National last month.

A decision to where to list the companies will depend on the nature of the business, the market and investors’ appetite at the time of listing, Mr Belhoul said.

As its portfolio continues to mature, Amanat is looking to invest its entire Dh2.5 billion capital before the end of 2018, pursuing more acquisitions in the UAE and Saudi Arabia. It will invest Dh1bn within the fourth quarter of 2017 on “more than one deal” in both health and education sectors, Mr Belhoul said last month.