Amanat Holdings' profits surge 449% in Q1

The company's revenues from contracts with customers increased

  
Image used for illustrative purpose. Traders monitor stock information at Dubai Financial Market, in Dubai, United Arab Emirates, June 5, 2017.

Image used for illustrative purpose. Traders monitor stock information at Dubai Financial Market, in Dubai, United Arab Emirates, June 5, 2017.

REUTERS/Stringer
Dubai – Mubasher: The unaudited interim consolidated financials of Amanat Holdings registered a 449.4% rise in net profits to AED 31.514 million in the first quarter (Q1) of 2021, compared to AED 5.736 million in the same quarter of 2020.

The company's revenues from contracts with customers increased to AED 73.672 million in Q1-21, compared to AED 46.16 million in Q1-20.

The basic and diluted earnings per share (EPS) stood at AED 0.013 in the January-March period of 2021, against AED 0.002 in the year-ago period.

Amanat’s Chairman, Hamad Alshamsi, commented: "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 topline growth across our education investments."

Meanwhile, the CEO of Amanat, Mohamad Hamade, said: "Our performance was supported by the continued post-COVID-19 recovery across both industries, the strength of our platforms, and the success of our turnaround and growth strategies across our investments."

It is noteworthy to mention that in 2020, the company showed a shrink in net profits to AED 8.331 million, compared to AED 60.023 million in 2019.

Source: Mubasher

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