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Amanat Holdings, the Dubai-listed investment firm that specialises in health care and education, reported a five-fold increase in first-quarter net profit as revenue grew and expenses declined.
Net profit for the three months ending March 31 climbed to Dh31.5 million ($8.6m), the company said in a statement to the Dubai Financial Market, where its shares trade. Revenue from contracts with customers rose 60 per cent to Dh73.6m and total expenses fell by 31 per cent.
“In the first quarter of the year, Amanat reported record-high profitability on the back of a commendable turnaround of our healthcare portfolio and the continuous efforts to drive top-line growth across our education investments,” said chairman Hamad Alshamsi.
How courses across a variety of advanced technologies will prepare graduates for careers Students working in a lab at Curtin University’s Dubai campus Image Credit: Supplied
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Dr Shamsheer Vayalil will also step down as managing director, although he will continue to serve as the company s vice chairman, Amanat said in a statement to the DFM on Sunday.
“Dr Shamsheer has played an instrumental role in Amanat for more than three years, having seen the company deploy its Dh2.5 billion in paid-up capital and expanding its assets under management to nearly Dh3bn,” the company said. “[He] steered the operational improvements across Amanat’s portfolio, especially during a period of heightened challenges driven by the onset of Covid-19.”
The business is now on a stronger footing and “we are confident in the management team’s ability to steer this next phase” of growth, Amanat chairman Hamad Al Shamsi, said.