Dubai – Mubasher: Islamic Arab Insurance Company (Salama) generated AED 20.53 million in net profit during the first half (H1) of 2024, marking an annual hike of 67% from AED 12.26 million.
Takaful revenues declined year-on-year (YoY) to AED 528.58 million in H1-24 from AED 544.17 million, according to the financial results.
Basic and diluted earnings per share (EPS) stood at AED 0.012 as of 30 June 2024.
The total assets hit AED 3.70 billion in H1-24, compared to AED 3.61 billion as of 31 December 2023.
Income Results for Q2
In the second quarter (Q2) of 2024, the profits shrank to AED 2.95 million from AED 4.22 million a year earlier, while the revenues fell to AED 257.11 million from AED 278.93 million.
Walter Jopp, CEO of Salama, said: “The company’s performance shows the positive outcomes of our customer-focused approach, including strategic partnerships and digitisation of solutions and services.”
Jopp added: “We will continue to accelerate this growth and create value for our customers and shareholders with world-class solutions. We remain committed to contributing to the progress of the UAE as a Shariah-compliant market leader surpassing 45 years.”
As of 31 March 2024, Salama witnessed 118% YoY higher net profits at AED 17.58 million, compared to AED 8.04 million.
