Amanat Holdings posts 43% profit rise on new investments

Shareholders in March approved Dh37.5m dividend payout for full-year 2018

Amanat is planning to sell Middlesex University Dubai to Study World Education Holding Group. Sarah Dea/The National

Amanat Holdings, the Dubai-listed investment firm that specialises in health care and education, grew net profit by 43 per cent year-on-year after investing Dh1.2 billion of new capital in four portfolio companies in 2018.

Net profit for the first three months of 2019 stood at Dh20.7 million, the company said in a filing to the Dubai Financial Market, where its shares are traded.

Revenues increased 30 per cent to Dh35.4m, of which Dh30.2m was from investments in associates and subsidiaries, up 127 per cent year-on-year.

Amanat said its strong performance was due to realising the benefits of deploying Dh1.2bn of capital through four of its portfolio companies in the first nine months of 2018. The investments included the full consolidation of majority stakes acquired in two healthcare assets – 100 per cent of Middlesex University Dubai and 69.36 per cent of Royal Hospital for Women in Bahrain – among other investments.

Amanat has now deployed Dh2bn since its inception, marking 79 per cent of its Dh2.5bn of paid up capital, it said on Sunday. The group went public in 2014.

“Following our achievements in 2018, we are moving forward in 2019 with our focused strategy, which reflects our commitment to supporting the healthcare and education sectors in the GCC and beyond,” said Hamad Abdulla Al Shamsi, chairman of Amanat.

“Our stated aim is to grow the size of our portfolio of investments and expand our geographic footprint.

In the first quarter of 2019, Amanat opened the Royal Hospital for Women & Children in Bahrain – an asset in which the group acquired a majority stake last August.

At its annual general meeting in March, Amanat’s shareholders approved a cash dividend distribution of Dh37.5m, representing 1.5 fils per share, for the full-year 2018.

“We aim to build on [our investments] to generate additional income and keep on creating long term value and sustainable returns for our shareholders,” added Tristan de Boysson, chief executive of Amanat.