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Amanat posts AED1.6 million net profit for first half

Dubai-listed company made a capital commitment of up to AED200m to a Saudi Arabian healthcare firm

Amanat Holdings PJSC, a healthcare and education company, recorded a net profit of AED1.6 million for the first half of 2015. The UAE-based investment firm has also announced the acquisition of a 35 per cent stake in a Saudi Arabian healthcare company.

The Dubai-listed company posted a total income of AED15.1m. Profit on Mudarabah and Wakala deposits amounted to AED13.7m and the interest on call deposits, totalling AED0.97m, offset the operating expenses of AED13m for the six-month period, according to an emailed statement from the company.

Unrealised gain on available-for-sale investment reached AED13.5m during the same period.

Amanat’s shareholders’ equity reached AED2.506 billion, approximating its initial paid-up capital.  The sum of unrealized gain on available-for-sale investments, as well as the profit and interest on deposits earned in the first six months of this year, together more than fully recovered the sum of pre-incorporation losses and operational expenses incurred in the same period.

The company has made a capital commitment of up to AED200m to Saudi Arabian healthcare company Sukoon International Holding Company through an affiliated entity. In May, Amanat had disclosed to the Dubai Financial Market the execution of a share purchase agreement to acquire a substantial stake in Sukoon, a closed joint-stock company which was founded in 2007 to provide extended-care and critical-care medical services to patients who are no longer suited for care within a traditional hospital setting.

With a capital of AED 2.5bn, the company had also acquired a 4.14 per cent stake in Abu Dhabi’s Al Noor Hospitals Group in May. The stake, which was purchased through an off-market transaction from Deutsche Bank, cost the company AED250m, which equates to approximately 4.8m shares.