|12 February, 2020

Salama generates profits in 2019

The increase in FY19 profits resulted from a rise in Salama’s revenues

Dubai – Mubasher: Islamic Arab Insurance Company’s (Salama) net profits attributable to the shareholders surged to AED 54.748 million in 2019 from AED 2.039 million in 2018, according to the company’s preliminary unaudited financial results for 2019.

The increase in FY19 profits resulted from a rise in Salama’s revenues to AED 1.130 billion in 2019 from AED 1.062 billion in the prior year.

The company witnessed a 21% hike in underwriting income to AED 183 million last year from AED 151 million in 2018.

The earnings per share (EPS) reached AED 0.05 in 2019 from AED 0.002 in the earlier year.

Meanwhile, the company’s board will propose cash dividends after releasing the final audited financial statements for 2019 for the first time since its listing.

It is noteworthy to mention that during the third quarter of 2019, the company’s net profits reached AED 183,000, against a loss of AED 672,000 in the same quarter in 2018.

Source: Mubasher

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