DUBAI, Amanat Holdings, a healthcare and education investment company, has reported a total income of AED255.6 million, a significant nine-fold increase from the AED28.2 million in H1-2020, according to the company’s financial results for the first half ended 30th June 2021.
The income from investments similarly grew at a stellar pace to AED251.9 million versus AED21.3 million this time last year, the company’s press release said on Sunday.
The performance filtered down to the company’s bottom-line profitability with a net profit of AED235.3 million in the first half of 2021 compared to AED0.6 million in the same period last year.
The company’s profitability was also bolstered by the AED160.0 million gain on sale of Amanat’s share of Taaleem Holdings in April 2021, along with robust contributions made from Amanat’s new healthcare investment, Cambridge Medical and Rehabilitation Centre (CMRC).
Excluding the impact from Taaleem’s gain on sale, net profit would record AED75.3 million emphasising the strong and sustained recovery when compared to the same period last year and reflecting management’s cost optimisation and efficiency efforts. Amanat’s total expenses stood at AED20.2 million in H1-2021, down by 26.8 percent year-over-year (y-o-y).
Commenting on the results, Amanat’s Chairman, Hamad Alshamsi, said, “I am delighted with Amanat’s performance in the first six months of the year, which saw us continue to deliver impressive growth and profitability across both platforms further enhanced by our exit of Taaleem during last quarter. The company’s performance exemplifies our ability to realise value for our shareholders and the effectiveness of our revamped corporate strategy. This has enabled us to fully capitalise on the post-COVID-19 rebound as we continue to drive long-term growth and value creation.”
Source: Emirates News Agency