Watania International Holding PJSC

Watania International Holding (WIH) reported a net profit of AED 5.9 million for Q1 2024, a significant improvement from a loss of AED 2.8 million in Q1 2023. The company attributes the profit to improved operational performance and cost control. The combined operating ratio also improved to 97%, compared to 110% in the same period in 2023, due to improvements in the Medical and Motor Takaful lines of business. The company's chairman mentioned the successful execution of the company's turnaround strategy since its 2022 merger and the potential for growth in the regional insurance and Takaful sector.

On May 14, 2024, the Board of Directors of Watania International Holding (PJSC) met and approved the financial statements for the first quarter, which ended on March 31, 2024. In addition to this, they also discussed routine business matters. The meeting was authorized by Board Secretary, Nawal Ma’ally.

On 9th May 2024, a notice was issued for a Board of Directors meeting for Watania International Holding (PJSC) to be held on 14th May 2024 at 2:00 PM. The agenda includes reviewing and endorsing the financial statements for the first quarter ended on 31 March 2024, and routine business discussions. The notice was signed by the Board Secretary, Nawal Ma’ally.

The Chairman of Watania International Holding PJSC delivered a keynote at the Annual General Assembly Meeting, highlighting the company's growth and success in 2023. Despite challenging regional macroeconomic conditions, the company has emerged as a dynamic investment firm, with its subsidiaries holding a prominent position in the UAE's Takaful sector. This success is attributed to the transformation strategy implemented post-merger in 2022. The company's financial performance also improved, with a total income of AED 954,363,000 from Takaful activities in 2023, up from AED 820,181,000 in 2022. Shareholders' equity rose to AED 229,597,000, and the company achieved a net profit of AED 13,275,000, a significant improvement from the losses of AED 53,130,000 in 2022. Earnings per share also improved to AED 0.051.

The General Assembly Meeting of Watania International Holding (PJSC) took place on 24th April 2024, from 1:30PM to 2:30PM, chaired by Dr. Ali Saeed Bin Harmal Aldhaheri. The total attendance was 75.47%, distributed between 0.57% personal attendance and 74.9% proxy attendance. The assembly approved the Board of Directors' report on the company's activity and financial position for the fiscal year ended 31 December 2023. The Auditor's report for the same period was also approved. The Company's balance sheet and profit and loss account were discussed and approved. The Board of Directors' recommendation to refrain from distributing dividends to shareholders for the financial year ending 31 December 2023 was considered and approved. Lastly, a proposal for remuneration of the Board members for the fiscal year ended 31 December 2023 was approved.

The Board of Directors of Watania International Holding (PJSC) has invited shareholders to the Annual General Assembly Meeting. The agenda includes approval of the company's activity and financial position for the fiscal year ended 31 December 2023, approval of the auditor's report, balance sheet, and profit and loss account. The Board's recommendation to refrain from distributing dividends to shareholders for the same period will also be discussed. The meeting will also consider a proposal for remuneration of Board members, discharge the Board and external auditors from their liabilities, and appoint the external auditors for 2024. The meeting will also ratify the appointment of Mr. Rashid Mahboob Ali Musabeh Al Qubaisi as a successor to Mr. Shahab Lutfi Al Hormozi. Shareholders can register either physically or electronically. The meeting will be held on Wednesday, 24 April 2024.

Watania International Holding PJSC has reported accumulated losses of AED 45.9M, which amounts to 17.67% of its paid-up capital. The losses are primarily due to an exceptional loss of AED 53 million in FY22, attributed to one-off merger costs, increased hospital utilization post-Covid, and market pricing pressures during the pandemic. However, the company has initiated a successful turnaround strategy in 2023, driven by the integration process following a merger in July 2022, and leveraging opportunities from consolidated operations. The company managed to close the financial year 2023 with a profit of AED13.3M.