Amanat profit up on Saudi healthcare unit

Revenues from Saudi holdings boost earnings at Dubai-listed healthcare and education investment company Amanat in third quarter

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Amanat Holdings’ net profit rose 81 per cent for the third quarter, driven by the strong performance of Saudi healthcare provider Sukoon International.

The Dubai-listed healthcare and education investor reported net profit of Dh12.9 million for the three months to the end of September, compared with Dh5.5m in the same period last year.

“Despite uncertain economic times, we remain bullish about the outlook for the healthcare and education sectors, and optimistic about the potential to secure deals at attractive valuations and in line with our strict investment criteria,” said the Amanat chief executive Khaldoun Haj Hasan.

Amanat shares closed up 4.6 per cent on the news, following a 7 per cent surge on Thursday.

Amanat said that profit from equity-accounted investees rose to Dh14m for the first nine months of the year, compared with Dh3.3m a year earlier.

Sukoon International, in which Amanat holds a 33.25 per cent stake, contributed Dh9.3m of this figure. Amanat’s 16.34 per cent shareholding in UAE-based education provider Madarees contributed Dh4.7m during the period.

“Our strategic investments in companies like Sukoon and Madaares are delivering real value to our shareholders, while our pipeline of potential opportunities remains strong,” said , Faisal Belhoul, Amanat’s chairman.

“Our focus now is on maintaining our momentum in the final quarter of the year and into 2017.”

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