Aman sees 101% higher profits in Q1

The company reported an increase in the net takaful income

  
An investor is seen at the Dubai International Financial Market, in Dubai, UAE April,16, 2018.

An investor is seen at the Dubai International Financial Market, in Dubai, UAE April,16, 2018.

REUTERS/Satish Kumar
Dubai – Mubasher: The net profits attributable to the shareholders of Dubai Islamic Insurance and Reinsurance Company (Aman) surged by 100.8% to AED 6.4 million during the first quarter (Q1) of 2021 from AED 3.18 million in the same quarter of 2020, according to the company's interim consolidated financials for the three-month period ended 31 March 2021.

The company's incurred net claims decreased to AED 14.748 million in Q1-21, compared to AED 17.106 million in Q1-20.

The company reported an increase in the net takaful income to AED 15.659 million in the first three months of 2021, compared to AED 13.482 million in the year-ago period.

The earnings per share (EPS) settled at AED 0.028 in Q1-21, compared to AED 0.014 in Q1-20.

Meanwhile, the company has incurred accumulated losses of AED 81.976 million, representing 36.3% of the capital, as of Q1-21.

Commenting on the company's performance, the Chairman of Aman, Saleh Al Hashemi, said: "Aman delivered impressive net profit growth in the first quarter despite challenging market conditions, benefiting strongly from the ambitious three-year growth strategy we began implementing late last year."

Meanwhile, Aman's CEO, Jihad Faitrouni, added: "The doubling of our net profit reflects the significant progress we have made in strengthening and growing our core businesses and diversifying our product and service offerings."

It is noteworthy to mention that in 2020, Aman's net profits attributable to the shareholders jumped by 117% to AED 19.049 million from AED 8.768 million in 2019.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2021 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Equities