Financial Highlights - year ended 31 December 2011
- ADNTC P.S.C posted a Net Profit for the year ended 31 December 2011 of AED 24.4 million compared to AED 21.0 million for the year ended 31 December 2010, representing a growth of 16.2%.
- Gross Takaful Contributions increased from AED 149.9 million as at 31 December 2010 to AED 196.6 million as at 31 December 2011, representing a growth of 31.2%.
- Basic Earnings per Share for the year ended 31 December 2011 of AED 0.27 compared to AED 0.23 for the year ended 31 December 2010, representing a growth of 17.4%.
- Shareholder's equity for the year ended 31 December 2011 of AED 146.1 million compared to AED 126.3 million for the year ended 31 December 2010, representing a growth of 15.7%.
- Total cash and bank balances for the year ended 31 December 2011 of AED 170.2 million compared to AED 159.0 million for the year ended 31 December 2010, representing an increase of 7.0%.
- Net investment income for the year ended 31 December 2011 of AED 4.8 million compared to AED 5.3 million for the year ended 31 December 2010.
Abu Dhabi, UAE - 1st March 2012: Abu Dhabi National Takaful Company P.S.C ("Takaful"), today announced financial results for the year ended 31 December 2011, showing a continued growth in net profit, gross contributions, basic earnings per share, and shareholder's equity.
Takaful posted a net profit for the year ended 31 December 2011 of AED 24.4 million compared to AED 21.0 million for the year ended 31 December 2010, which reflects a significant growth of 16.2%.
Commenting on the results, H.E. Khadem Al Qubaisi Chairman of Abu Dhabi National Takaful Company P.S.C, said:
"I'm delighted and proud to announce such excellent financial results for the year ended 31 December 2011. On behalf of TAKAFUL, I wish to thank our shareholders and customers for their support and confidence in the Company, and I would like to extend my thanks to the Management of the Company and the staff for their loyalty, efforts, and due diligence to achieve these remarkable results."
Mr. Osama Abdeen, Chief Executive Officer of Abu Dhabi National Takaful P.S.C commented:
"It is with great pleasure and pride we announce that Abu Dhabi National Takaful Company has succeeded in achieving a net profit of AED 24.4 million for the year ended 31 December representing a significant growth of over 16% compared to the year ended 31 December 2010. During the year 2011, TAKAFUL continued to focus on enhancing its customer service and products offerings which proved to be key elements for the Company's horizontal and vertical growth and development. 2011 was a difficult year for most sectors around the world and the insurance sector is no exception; however, TAKAFUL achieved remarkable results on several fronts including the total Contributions which increased from AED 149.9 million as at 31 December 2010 to AED 196.6 million as at 31 December 2011, representing a growth of 31.2%. These results would have not been possible without the implementation of prudent strategies which maintained a well-balanced and diversified portfolio mix, taking into consideration the market's needs and requirements. Basic Earnings per Share for the year ended 31 December 2011 amounted to AED 0.27 compared to AED 0.23 for the year ended 31 December 2010, representing a growth of 17.4%, which reflects TAKAFUL'S great interest in maximising the returns for its shareholders while maintaining a solid base for future investments and growth. It demonstrates that our Takaful model is progressing with success and that "Takaful" is very well positioned to deliver on its promises and to fulfil its shareholders and policyholders' ever changing needs." We are optimistic that we intend to make 2012 a year of continued success and growth, a year of continued focus on customer service, product offerings, and diversifying of our portfolio mix. Abu Dhabi National Takaful Company very well positioned and prepared to continue to grow in a sustainable manner that will ensure we achieve our objective of being the Takaful operator of 'First Choice' in the region."
The Board of Directors, executive management and members of Abu Dhabi National Takaful Co. P.S.C staff wish to extend their sincere appreciation and gratitude to His Highness Sheikh Khalifa Bin Zayed Al Nahyan, the President of the UAE and Ruler of Abu Dhabi, to His Highness Sheikh Mohammed bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, to the Securities and Commodities Authority, to the Insurance Authority, to Emirates Insurance Association, our shareholders and our clients for their continued trust in and support of Abu Dhabi National Takaful Company.
-Ends-
About Abu Dhabi National Takaful:
The Abu Dhabi National Takaful Co. ('TAKAFUL') was established in Abu Dhabi in November 2003 with the aim of providing Takaful insurance solutions for the regional market. Listed on the Abu Dhabi Securities Exchange (ADX) in 2005 (stock symbol: TKFL) and headquartered in Abu Dhabi, our operations now cover the entire UAE market with offices in Abu Dhabi, Dubai, Al Ain and Sharjah.
Our products & services include:
- Motor Takaful Cover
- Property Takaful
- Engineering Takaful
- Marine Cargo Takaful
- General Accidents
- Liability Takaful
- Family Takaful (Group Term Takaful)
- Medical Takaful
- Bancatakaful / Takaful Finance Services
For more information, please contact:
Sara Al Absi
Media and PR Officer - CEO Office
Abu Dhabi National Takaful Company P.S.C
Tel: +971410 77 01
Fax: +971410 77 10
Mobile: +971 50 6229913
Email: sara.alabsi@takaful.ae
Website: www.takaful.ae
© Press Release 2012
