Dar Al Takaful repays $27.2mln Emirates NBD financing ahead of schedule

The company made a net profit of $6.13mln in 2020 compared to $1.33mln in the previous year

  
World Currencies. United Arab Emirates Dirham. Image used for illustrative purpose

World Currencies. United Arab Emirates Dirham. Image used for illustrative purpose

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Dubai’s Dar Al Takaful has repaid 100 million UAE dirhams ($27.2 million) of acquisition financing to Emirates NBD Bank, despite facing uncertain business conditions in the past year, it said in a statement on Thursday.

In June 2020, Dar Al Takaful secured financing of 215 million dirhams to support the acquisition of Noor Takaful, the insurance arm of Noor Investment Group.

The company made a net profit of 22.5 million dirhams in 2020 compared to 4.9 million in the previous year. Assets of the company jumped to 1.69 billion dirhams from 558.6 million dirhams mainly due to the acquisition of Noor Takaful General and Noor Takaful Family PJSC, the insurer said in its preliminary financial statement on DFM.  

(Writing by Brinda Darasha; editing by Daniel Luiz)

brinda.darasha@refinitiv.com

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