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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Exclusive: Amanat may seek listing of portfolio companies in next two to four years
Amanat second quarter net profit slides 17 per cent
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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.
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
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Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
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Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
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