Dubai – Mubasher: Amanat Holdings on Tuesday reported an 11% year-on-year rise in net profit for the first quarter of 2018, recording AED 14.4 million ($3.9 million) from AED 13 million ($3.54 million).
The increase in quarterly profits was mainly driven by a 35% rise in income from associates to reach AED 14.4 million in Q1-18, compared to AED 10.7 million in Q1-17, according to a press release.
The Dubai-listed firm expects a higher associate growth in the next quarter as the consolidation of the 35% interest in Abu Dhabi University Holding Company would be over the full quarter.
Interest income fell 9% year-on-year in Q1-18, while total deployment has reached 43% of its AED 2.5 billion paid-up capital in leading businesses, the GCC’s largest healthcare and education investment company said.
The company’s investments in associates surged to AED 1.1 billion during the three-month period ended March 2018, versus AED 0.76 billion in the prior-year period.
Amanat had previously posted a 10% year-on-year growth in net profit for the full-year 2017, recording AED 42.3 million ($11.51 million) from AED 38.4 million ($10.45 million).
