Dubai-listed Amanat profit boosted by Al Noor Hospitals stake

Amanat Holdings, the Dubai-listed healthcare and education company, reported a net profit of Dh50.6 million on earnings from Al Noor Hospitals Group shares and Islamic finance products. The earnings are from the time of its listing in November 2014 up to the end of last year. Its total income of Dh89.6m was attributed to Dh57.3m […]

Amanat Holdings, the Dubai-listed healthcare and education company, reported a net profit of Dh50.6 million on earnings from Al Noor Hospitals Group shares and Islamic finance products.

The earnings are from the time of its listing in November 2014 up to the end of last year.

Its total income of Dh89.6m was attributed to Dh57.3m of gain and dividends from Al Noor Hospitals and Dh32.3m in income from lending, a majority of which is from Islamic finance products.

Amanat booked a profit of Dh8.9m from its associate Sukoon International Holding. Operating expenses were Dh47.9m.

The Dubai company invested 200m Saudi riyals (Dh195.9m) for a 35 per cent stake in the Saudi healthcare company Sukoon International in August. It also paid Dh250m for a 4 per cent stake in Al Noor Hospitals Group in May.

Abu Dhabi’s Al Noor Hospitals Group was acquired by South African hospital chain Mediclinic in the first quarter.

Amanat shares rose 0.93 per cent to 87 fils. It is up 9 per cent for the year.

“Amanat continues to evaluate investment opportunities in the healthcare and education sectors,” said Khaldoun Haj Hasan, the chief executive of Amanat, in a filing to Dubai Financial Market.

The company reported a profit of Dh7m during the first nine months of last year.

The healthcare market in the Arabian Gulf is expected to grow at 12 per cent a year to US$71.3 billion in 2020 from an estimated $40.3bn last year, according to a report from Alpen Capital, a financial services advisory firm.

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