Business

Q1 2024 net profit records 118% increase of AED 17.58 million Takaful revenue expands to AED 271.47 million

Islamic Arab Insurance Company, commonly known as SALAMA and listed on the Dubai Financial Market as "SALAMA", has unveiled robust financial performance in its first quarter (Q1) results of 2024, showcasing remarkable growth and profitability.

The UAE's largest Takaful solutions provider reported a topline growth, achieving a profit of AED 17.58 million in Q1 2024. This figure marks a significant surge of 118% compared to the same period in 2023, where profits stood at AED 8.04 million.

Takaful revenue also demonstrated resilience, reaching AED 271.47 million, slightly up from AED 265.23 million recorded in Q1 2023. Despite fluctuations in currency values, net assets remained strong at AED 3,600.39 million, while total equity experienced a marginal decline of 3.46%, totaling AED 634.46 million, primarily due to currency depreciation in Egypt.

These positive financial outcomes align with SALAMA's recent strategic endeavors, including the inauguration of its new headquarters in Abu Dhabi. This move signifies the company's commitment to expanding its presence within the UAE market, further enhancing its capabilities to deliver long-term value to partners and customers alike.

Chairman of SALAMA, H.E Saeed Alhajeri, expressed satisfaction with the Q1 2024 results, emphasizing the company's dedication to growth and profitability. Alhajeri highlighted SALAMA's vision for maintaining a resilient market position through the provision of personalized and accessible solutions, underpinned by stringent quality standards. He reiterated optimism regarding the achievement of strategic business objectives and the creation of value for stakeholders, leveraging SALAMA's extensive experience of over 45 years as a Shari’ah-compliant market leader.

Walter Jopp, Chief Executive Officer at SALAMA, echoed Alhajeri's sentiments, attributing the profit surge to the company's focus on underwriting discipline and customer-centricity. Jopp outlined SALAMA's ambitious growth strategy, which encompasses digitalization initiatives and strategic partnerships aimed at prioritizing customer needs and enhancing service delivery.

SALAMA's steadfast commitment to providing peace of mind to customers through its diverse range of insurance solutions remains unwavering. The company's resilience, rooted in its solid Takaful foundation, continues to drive growth and innovation, as evidenced by its receipt of numerous industry accolades.

As SALAMA charts its course forward, the company remains poised to navigate challenges and capitalize on opportunities, reinforcing its position as a trusted and leading Takaful provider in the region.

• Tags
• #Business
• #Magazine
• #Lifestyle