Amanat Holdings, the UAE investor in health care and education, swung to a third-quarter loss as revenue fell and expenses ballooned.
Net profit attributable to equity holders recorded a Dh3.6 million loss compared with a Dh14.9m net profit a year earlier, the company said on Wednesday in a statement to the Dubai Financial Market, where its shares are listed.
Revenue halved to Dh11.5m from Dh22m a year earlier as income on deposits plunged to Dh1.6m from Dh14.7m a year earlier. Total operating expenses more than doubled to Dh25.9m from Dh11.8m 12 months ago due to an increase in employee related costs and general and administrative expenses.
“Given revenue recognition policy, the summer season that falls in the third quarter is typically slow and typically unwinds during the fourth quarter, as such revenues will return to normalised levels in the fall academic semester which coincides with Q4 2018,” the company said.
“This has resulted in Amanat consolidating the Middlesex Dubai losses in its Q3 2018 financials as a one-off.”
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With the acquisition of Middlesex Dubai and the purchase of a 69.36 per cent in a hospital in Bahrain, the company has deployed 79 per cent of its Dh2.5 billion paid-up capital. Amanat has made four acquisitions this year, bringing its portfolio of assets to seven.
“Amanat has continued to pursue an active approach whether be in its deployment or in value creation during the third quarter of 2018 in an aim to achieve growth and sustainable value to its shareholders,” said Hamad Al Shamsi, chairman of Amanat.
Amanat, which has traditionally invested in the top two regional economies of Saudi Arabia and the UAE, said in April it planned to expand its footprint beyond the Arabian Gulf.
“We have continued to make excellent progress in Q3, accelerating our deployment whilst continuing to identify assets which offer great opportunities to create value for our shareholders,” said Shamsheer Vayalil, managing director and vice chairman of Amanat.
“Looking ahead, we are confident that Amanat is well placed to leverage its expertise and further strengthen its position as the partner of choice.”
Killing of Qassem Suleimani
England World Cup squad
Eoin Morgan (capt), Moeen Ali, Jofra Archer, Jonny Bairstow, Jos Buttler (wkt), Tom Curran, Liam Dawson, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, James Vince, Chris Woakes, Mark Wood
Specs
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Transmission: 7-speed PDK auto or 6-speed manual
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The specs
Engine: 2.0-litre 4cyl turbo
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
UAE currency: the story behind the money in your pockets
Key facilities
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How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Mohammed bin Zayed Majlis
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Jetour T1 specs
Engine: 2-litre turbocharged
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Frida%20
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KILLING OF QASSEM SULEIMANI
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
The specs: 2018 Maxus T60
Price, base / as tested: Dh48,000
Engine: 2.4-litre four-cylinder
Power: 136hp @ 1,600rpm
Torque: 360Nm @ 1,600 rpm
Transmission: Five-speed manual
Fuel consumption, combined: 9.1L / 100km
