UAE: SALAMA 1Q net profit jumps 118%
Source: Middle East Insurance Review | Jun 2024
Islamic Arab Insurance Company (SALAMA) has reported topline growth with a profit of AED17.58m ($4.8m) in its first quarter results of 2024, an increase by 118%, compared to AED8.04m in 1Q2023, the operator said in a statement.
Takaful revenue recorded at AED271.47m, compared to AED265.23m in the corresponding period of the past year.
Net assets stood at AED3.6bn. Total equity declined 3.46% reaching AED634.46m impacted primarily by the currency value depreciation in Egypt.
SALAMA’s positive financial results follow recent announcements of the opening of the company’s new Abu Dhabi headquarters, signifying further market penetration within the UAE. The new headquarters complements its efforts in creating long-term value for partners and customers. M