SALAMA's Q1 2024 Profits Soar as it Expands Footprint in the UAE
Islamic Arab Insurance Co. (Salama) reports a significant increase in Q1 2024 net profits and announces the opening of a new headquarters in Abu Dhabi.
Summary
SALAMA, UAE's largest Takaful solutions provider, reported a 118% increase in Q1 2024 net profits, reaching AED 17.58 million. The company also announced the launch of its new Abu Dhabi headquarters.
Islamic Arab Insurance Co. (Salama), the UAE's leading Takaful solutions provider, recently reported a substantial increase in net profits for Q1 2024. The company's net profit rose by 118% to AED 17.58 million, up from the previous year. This robust financial performance is indicative of the company's strong operational efficiency and strategic business planning.
SALAMA's Takaful revenue also witnessed growth, expanding to AED 271.47 million from AED 265.23 million in Q1 2023. Despite the slight decrease in total equity by 3.46% to AED 634.46 million, mainly due to currency value depreciation in Egypt, the company's net assets were reported at a solid AED 3,600.39 million.
Adding to its growth trajectory, SALAMA announced the launch of its new headquarters in Abu Dhabi. This strategic move signals the company's intent to further penetrate the UAE market and strengthen its position as a leading Takaful provider.
Given the company's strong Q1 2024 performance and its strategic expansion plans, it is recommended for investors to consider SALAMA as a viable investment option. The company's commitment to growth and adherence to Islamic Shari'a principles positions it uniquely in the market, offering potential for sustainable returns.
Source
Summary
In Q1 2024, SALAMA, the UAE's largest Takaful solutions provider, reported a net profit of AED 17.58 million, marking a 118% increase from Q1 2023. The company's Takaful revenue expanded to AED 271.47 million, up from AED 265.23 million in Q1 2023. Net assets were reported at AED 3,600.39 million, while total equity decreased by 3.46% to AED 634.46 million, primarily due to currency value depreciation in Egypt. SALAMA also announced the launch of its new Abu Dhabi headquarters, indicating further market penetration within the UAE.
