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
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
The bio
Who inspires you?
I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist
How do you relax?
Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.
What is favourite book?
The Perks of Being a Wallflower - I think I've read it more than 7 times
What is your favourite Arabic film?
Hala2 Lawen (Translation: Where Do We Go Now?) by Nadine Labaki
What is favourite English film?
Mamma Mia
Best piece of advice to someone looking for a career at Google?
If you’re interested in a career at Google, deep dive into the different career paths and pinpoint the space you want to join. When you know your space, you’re likely to identify the skills you need to develop.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
The Bio
Ram Buxani earned a salary of 125 rupees per month in 1959
Indian currency was then legal tender in the Trucial States.
He received the wages plus food, accommodation, a haircut and cinema ticket twice a month and actuals for shaving and laundry expenses
Buxani followed in his father’s footsteps when he applied for a job overseas
His father Jivat Ram worked in general merchandize store in Gibraltar and the Canary Islands in the early 1930s
Buxani grew the UAE business over several sectors from retail to financial services but is attached to the original textile business
He talks in detail about natural fibres, the texture of cloth, mirrorwork and embroidery
Buxani lives by a simple philosophy – do good to all