Dubai, 9th of August 2015: Amanat Holdings PJSC ("Amanat"), the region's largest integrated healthcare and education company, is pleased to announce its H1 2015 financial results and a capital commitment of up to SAR 200 million to a Saudi Arabian healthcare company, Sukoon International Holding Company CJSC ("Sukoon") through an affiliated entity.
Amanat Holdings PJSC today announced a net profit of AED 1.6 million and total comprehensive income of AED 15.1 million for the first half of 2015. Profit on Mudarabah and Wakala deposits amounting to AED 13.7 million and interest on call deposit totalling AED 0.97 million offset operating expenses of AED 13.0 million for the first six months of 2015. Unrealized gain on available for sale investment for the same period amounted to AED 13.5 million.
At 30 June 2015, Amanat's shareholders' equity reached AED 2,506.3 million approximating its initial paid up capital. Sum of unrealized gain on available for sale investment and profit and interest on deposits earned in the first half of 2015 together recovered more than fully the sum of pre-incorporation losses and operational expenses incurred in first half 2015.
On May 3rd, 2015 Amanat disclosed to the Dubai Financial Market execution of a share purchase agreement to acquire a substantial stake in a Saudi Arabian healthcare company, In relation to that transaction, the board of directors of Amanat approved on August 6th, 2015, a capital commitment of up to SAR 200.0 million to an affiliated entity which will acquire up to 35% beneficial interest in Sukoon.
Sukoon, a closed joint stock company founded in 2007, provides extended care and critical care medical services to patients who are no longer suited for care within a traditional hospital setting. Such patients range from those who require short stay to undergo rehabilitation before being discharged for home care to patients suffering chronic diseases or those in need of 24/7 care on a one-on-one basis (together "Long Term Care" or "LTC"). Sukoon's business model allows for a higher quality of care at a cost effective price vis-à-vis what a hospital is able to offer. Sukoon has licensed physical capacity of 200 beds at its flagship facility in Jeddah, which it is currently operating at around 75% capacity utilization.
About Amanat
Amanat Holdings PJSC is the region's largest integrated healthcare and education company with a capital of AED 2.5 billion. Listed on the Dubai Financial Market (DFM), Amanat has a mandate to establish, acquire and incorporate companies working in the healthcare and education sectors, and develop, manage and operate these companies within the GCC. For further information visit: www.amanat.com
About Sukoon
Sukoon International Holding Company CJSC, one of the leading private long-term care group in the Kingdom of Saudi Arabia, provides extended care and critical care medical services to patients who are no longer suited for care within a traditional hospital setting. It operates its flagship facility with 200 operational beds in Jeddah, Kingdom of Saudi Arabia. It was recently awarded CBAHI accreditation (Saudi Central Board for Accreditation of Healthcare Institutions).
For media enquiries, please contact:
Liam Turner, Tameem AlKintar or Tom Drummond
media@amanat.com
Tel: 971-4-450 7600
© Press Release 2015
