Education and healthcare investment company Amanat Holdings posted a 2 per cent rise in first-quarter net profit as revenue rose on strong growth in its healthcare business.
Net profit attributable to the shareholders of Dubai-listed company rose to Dh32 million ($8.7m) in the first three months of the year, the company said in a statement to the Dubai Financial Market on Thursday.
Revenue during the period rose by 77 per cent to Dh130m.
However, the company clarified that on an adjusted basis, excluding the previous year's result from divested entities, the rise in annual net profit was 39 per cent for the reporting period.
Adjusted total income grew 40 per cent to Dh46.9m, it said.
Amanat divested its minority stakes in education platform Taaleem Holdings and Saudi healthcare provider International Medical Centre last year.
“Three months into the new year, we are progressing as planned and are focused on delivering solid growth through the rest of 2022,” said Mohamad Hamade, chief executive of Amanat.
“We have a strong pipeline of healthcare and education opportunities, and we are working on optimising our capital structure to deploy further capital and grow our assets under management.”
Amanat’s healthcare platform reported income of Dh14m in the first quarter, a fivefold annual increase.
Performance was primarily driven by a full quarter contribution of Cambridge Medical and Rehabilitation Centre (CMRC), which only contributed to March’s result in the first quarter of 2021, the company said.
Amanat acquired CMRC for $232m in one of the region's biggest healthcare deals last year.
The results were also supported by a narrowing of losses at the Royal Hospital for Women and Children in Bahrain, with revenue doubling from the first quarter of last year, as well as a positive contribution from Sukoon driven by a “successful turnaround”, the company said.
Amanat's education platform recorded an income of Dh32.6m in the first three months of 2022, up 3 per cent a year, driven by enrolment growth at Middlesex University Dubai, which led to a 13 per cent increase in revenue.
At Abu Dhabi University Holding Company, income declined from the first quarter of last year as credit hours returned to normal after physical classes resumed amid a recovery from the Covid-19 pandemic, Amanat said.
Total assets stood at Dh3.5 billion at the end of March, largely unchanged from the end of December.
“Our solid portfolio and future investments will collectively drive our ability to continue to deliver sustainable value for shareholders as we create scalable investment platforms for future monetisation,” Mr Hamade said.
UAE currency: the story behind the money in your pockets
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UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
Profile
Name: Carzaty
Founders: Marwan Chaar and Hassan Jaffar
Launched: 2017
Employees: 22
Based: Dubai and Muscat
Sector: Automobile retail
Funding to date: $5.5 million
MATCH INFO
Fixture: Thailand v UAE, Tuesday, 4pm (UAE)
TV: Abu Dhabi Sports
MATCH INFO
Real Madrid 3 (Kroos 4', Ramos 30', Marcelo 37')
Eibar 1 (Bigas 60')
RESULTS
Main card
Bantamweight 56.4kg: Mehdi Eljamari (MAR) beat Abrorbek Madiminbekov (UZB), Split points decision
Super heavyweight 94 kg: Adnan Mohammad (IRN) beat Mohammed Ajaraam (MAR), Split points decision
Lightweight 60kg: Zakaria Eljamari (UAE) beat Faridoon Alik Zai (AFG), RSC round 3
Light heavyweight 81.4kg: Taha Marrouni (MAR) beat Mahmood Amin (EGY), Unanimous points decision
Light welterweight 64.5kg: Siyovush Gulmamadov (TJK) beat Nouredine Samir (UAE), Unanimous points decision
Light heavyweight 81.4kg: Ilyass Habibali (UAE) beat Haroun Baka (ALG), KO second round
Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
Results
5.30pm Maiden (TB) Dh82,500 (Turf) 1,400m
Winner Spirit Of Light, Clement Lecoeuvre (jockey), Erwan Charpy (trainer)
6.05pm Maiden (TB) Dh82,500 (Dirt) 1,900m
Winner Bright Start, Pat Cosgrave, Saeed bin Suroor
6.40pm Handicap (TB) Dh92,500 (D) 2,000m
Winner Twelfthofneverland, Nathan Crosse, Satish Seemar
7.15pm Handicap (TB) Dh85,000 (T) 1,600m
Winner Imperial Empire, Tadhg O’Shea, Satish Seemar
7.50pm Handicap (TB) Dh92,500 (T) 2,000m
Winner Record Man, Tadhg O’Shea, Satish Seemar
8.25pm Handicap (TB) Dh92,500 (D) 1,600m
Winner Celtic Prince, Fabrice Veron, Rashed Bouresly
RACE CARD
6.30pm Al Maktoum Challenge Round-1 Group 1 (PA) Dh119,373 (Dirt) 1,600m
7.05pm Handicap (TB) Dh102,500 (D) 1,200m
7.40pm Handicap (TB) Dh105,000 (Turf) 1,800m
8.15pm UAE 1000 Guineas Trial (TB) Dh183,650 (D) 1,400m
9.50pm Handicap (TB) Dh105,000 (D) 1,600m
9.25pm Handicap (TB) Dh95,000 (T) 1,000m
Results
2pm: Maiden (TB) Dh60,000 (Dirt) 1,200m, Winner: Mouheeb, Tom Marquand (jockey), Nicholas Bachalard (trainer)
2.30pm: Handicap (TB) Dh68,000 (D) 1,200m, Winner: Honourable Justice, Royston Ffrench, Salem bin Ghadayer
3pm: Handicap (TB) Dh84,000 (D) 1,200m, Winner: Dahawi, Antonio Fresu, Musabah Al Muhairi
3.30pm: Conditions (TB) Dh100,000 (D) 1,200m, Winner: Dark Silver, Fernando Jara, Ahmad bin Harmash
4pm: Maiden (TB) Dh60,000 (D) 1,600m, Winner: Dark Of Night. Antonio Fresu, Al Muhairi.
4.30pm: Handicap (TB) Dh68,000 (D) 1,600m, Winner: Habah, Pat Dobbs, Doug Watson
