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Nov 01 2011

Abu Dhabi National Takaful Company has achieved 31% increase in net profit for the period ended 30 September 2011

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Abu Dhabi National Takaful Company

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Financial Highlights - Nine months period ended 30 September 2011
ADNTC P.S.C posted a Net Profit for the period ended 30 September 2011 of AED 21.0 million compared to AED 16.0 million for the period ended 30 September 2010, representing a growth of 31%.
Technical Profit for the period ended 30 September 2011 was AED 35.2 million compared to AED 29.9 million for the period ended 30 September 2010, representing a growth of 18%.
Gross Takaful Contributions increased from AED 117.6 million as at 30 September 2010 to AED 164.4 million as at 30 September 2011, representing a growth of 40%.
Basic Earnings per Share for the period ended 30 September 2011 of AED 0.23 compared to AED 0.18 for the period ended 30 September 2010, representing a growth of 28%.
Financial Highlights - Third Quarter 2011
The Company posted a Net Profit for Q3 2011 of AED 11.4 million compared to AED 8.2 million for Q3 2010, representing a growth of 39%.
Technical profit for Q3 2011 was AED 16.4 million compared to AED 12.1 million for Q3 2010 representing a growth of 37%
Gross Takaful Contribution raised from AED 49.6 million in Q3 2010 to AED 65.4 million for Q3 2011, representing a growth of 32%
Basic Earnings per Share for Q3 2011 was AED 0.13 compared to AED 0.09 for Q3 2010, representing a growth of 44%.
Abu Dhabi, UAE - November 1st, 2011: Abu Dhabi National Takaful Company P.S.C ("Takaful"), today announced financial results for the period ended 30 September 2011, showing a continued growth in net profit & gross contribution.

Takaful posted a net profit for the period ended 30 September 2011 of AED 21.0 million compared to AED 16.0 million for the period ended 30 September 2010, which reflects a significant growth of 31%.

Commenting on the results, H.E. Khadem Al Qubaisi Chairman of Abu Dhabi National Takaful Company P.S.C, said:

"I'm delighted to announce excellent financial results and continued growth as at the end of Third Quarter of 2011. These figures reflect our efforts and focus on customer service and meeting our clients' expectations, and they further testify that Abu Dhabi National Takaful Company is progressing in the right direction to become an effective and highly recognized takaful provider."

Mr. Osama Abdeen, Chief Executive Officer of Abu Dhabi National Takaful P.S.C commented:

"We are proud to announce that Abu Dhabi National Takaful Company has achieved a net profit growth of 31% as at 30 September 2011 which reflects the successful implementation of our strategies the essence of which remains to be focus on enhancing our customer service and products offerings, taking into consideration the growing need for Islamic insurance solutions. Takaful is maintaining a well-balanced and diversified portfolio mix which provides us with a unique opportunity to maximise returns and achieve sustainable growth despite the prevailing difficult market conditions and the fierce competition. These remarkable results indicate that we are on the right track towards achieving our short and long-term objectives. And as illustrated in our financial figures, I'm pleased to announce that Abu Dhabi National Takaful has exceeded as at 30 September 2011 the total takaful contributions of previous year of 2010 supported by same level of profitability of last year. 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."

-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 2011

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