Amanat buys into Saudi healthcare company

AMANAT Holdings PJSC announced a net profit of AED1.6 million and total comprehensive income of AED15.1 million for the first half of 2015.

  
10 August 2015
AMANAT Holdings PJSC, the region's largest integrated healthcare and education company, announced a net profit of AED1.6 million and total comprehensive income of AED15.1 million for the first half of 2015. Profit on Mudarabah and Wakala deposits amounting to AED13.7 million and interest on call deposit totaling AED0.97 million  offset operating expenses of AED13.0 million for the first six months of 2015. Unrealized gain on available for sale investment for the same period amounted to AED13.5 million.

It also announced a capital commitment of up to SR200 million to a Saudi Arabian healthcare company, Sukoon International Holding Company CJSC, through an affiliated entity which acquired up to 35% beneficial interest in Sukoon   

As of June 30, 2015, Amanat's shareholders' equity reached AED2,506.3 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 3, 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.  

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).   

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.

© The Saudi Gazette 2015