DUBAI: Amanat Holdings, the Dubai-based integrated healthcare and education company, has announced a net profit of AED9.5 million ($2.58 million) for the first quarter of 2016, compared to AED1.5 million in the year-earlier period. Amanat said its total revenue for the three months was AED16.6 million, more than double that for the corresponding 2015 period.
The company said in a statement that its revenue comprised AED15.5 million in interest income mainly from Mudarabah and Wakala deposits, and a realised gain of AED1.1 million from the sale of its remaining stake in Al Noor Hospitals Group. Operating expenses stood at AED9.4 million.
Faisal Bin Juma Belhoul, chairman of Amanat, said: “Amanat will continue to be disciplined in sourcing desirable opportunities in the healthcare and education sectors where there is significant potential for long-term growth, and where our team can create value.” Last month, Amanat said it has bought a 16 percent stake in the owner of Taaleem, which runs four nurseries and seven schools in the UAE. In a statement to the Dubai bourse, Amanat said it had paid $40 million for the stake in Madaares, which makes it one of the latter’s five largest shareholders. The schools run under the Taaleem brand have a combined student enrolment of 6,900.
