Islamic financing earnings push Amanat back into profit

The Dubai-listed healthcare and education company Amanat has reported third-quarter profit of Dh5.5 million as it pulls itself into the black.

Amanat, which was listed on the DFM last November after an IPO raised more than Dh1.37 billion, reported yesterday that it had made a profit of Dh7m for the first nine months of the year.

The company said that it had made a loss of Dh7.4m for the period from November 17 last year, when it was incorporated, until September 30.

Amanat, which acquired a Dh250m stake in Al Noor Hospitals Group in May and a 35 per cent stake in the Saudi healthcare company Sukoon International in August, reported that income for the three months to the end of September his year increased to Dh8.5m.

The company said that income for the first nine months stood at Dh23.2m, while it was Dh24.7m for the period from November 17 to September 30.

Amanat said its income came from a Dh1.1m dividend from its Al Noor investments, a Dh3.3m share of net income from Sukoon, Dh2.9m from interest on deposits and Dh19.2m from profit on deposits made through Mudarabah and Wakala Islamic financing products.

“Our aim is to build a desirable portfolio of assets that has significant scope for long-term growth and that can benefit from our team’s expertise,” said Khaldoun Haj Hasan, the chief executive of Amanat.

Amanat was the first healthcare and education company to raise funds via a regional IPO.

According to Alpen Capital, a financial services advisory company, the GCC healthcare market is projected to grow at an annual rate of 12 per cent to US$69.4bn by 2018, from $39.4bn in 2013.

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