DUBAI, Amanat Holdings, the GCC’s largest healthcare and education investment company, has announced its preliminary unaudited financial results for the year ending 31st December, 2020.
Amanat’s unaudited financial results improved significantly during the fourth quarter of FY-2020 with a y-o-y increase of 94.2 percent in income from investments reaching AED38.9 million compared with the fourth quarter of FY-2019, the company said in a statement on Thursday.
Education investments were up 43.3 percent y-o-y while losses from healthcare investments narrowed by 51.7 percent.
Amanat recorded adjusted total income of AED86.7 million, down 5.5 percent y-o-y, and AED72.6 million in income from investments adjusted for non-recurring items in FY-2020. Adjusted net profit was AED25.2 million, down 37.3 percent y-o-y.
Excluding adjustments, the company recorded FY-2020 total income of AED69.9 million, down by 37.0 percent y-o-y and income from investments of AED55.8 million, down 22.7 percent y-o-y.
Net profit was AED8.3 million, compared to AED60.0 million in the same period last year. Shareholders’ equity stood at AED2.5 billion, while total assets stood at AED2.7 billion. Cash at the period ending 31st December, 2020, was AED457.0 million at the holding level.
Commenting on the financial results, Hamad Al Shamsi, Amanat’s Chairman, said, “2020 was an exceptional year with COVID-19 impacting economic sectors on a national and global level too. Despite the challenges, both Amanat and its portfolio companies managed to conclude the year with a satisfactory result from operations. Amanat’s financial strength and capital structure managed to put us in a favorable position to navigate the headwinds.
He added that Amanat has identified key pillars to grow the company’s earnings and drive it to next phase of growth. “These pillars include strategic objectives to improve our portfolios’ performance and profitability, optimize our capital structure further and accelerate investments in high-yielding assets. In the coming phase we will focus on investing in businesses with strong earnings potential that are leading the transformation of the healthcare and education sectors.”
Source: Emirates News Agency