Dubai’s Amanat profit surges on strong health unit performance

The increase was driven by the company’s health care portfolio, with its most recent acquisition, the Cambridge Medical and Rehabilitation Center. (Supplied)

• The Dubai-listed company saw a 449.9 percent year-on-year increase in net profit

DUBAI: Healthcare and education investment company Amanat has reported a fivefold increase in net profit to 31.5 million dirhams ($8.6 million) in the first three months of the year.
The Dubai-listed company saw a 449.9 percent year-on-year increase in net profit, as it managed to bring down its expenses by 30.7 percent.
The increase was driven by the company’s health care portfolio, with its most recent acquisition, the Cambridge Medical and Rehabilitation Center (CMRC).
The CMRC contributed up to 6.2 million dirhams to Amanat’s income from its health care investments.
“The start of 2021 we began to reap the benefits of the strategic decisions taken during 2020 and we are also taking important steps to further optimize our portfolio,” Amanat chair Hamad Alshamsi said.
Amanat’s education portfolio also delivered steady growth on the back of higher enrollments. Income from the company’s education investments in the first quarter reached up to 8.8 million dirhams — up from 2.5 million dirhams last year.
It also boosted its operational efficiency throughout the year, bringing total expenses down. Staff costs declined by 24 percent, general expenses by 42 percent, and project expenses by 78.5 percent.