Watania International Holding PJSC: A Remarkable Comeback in 2023
Watania International Holding PJSC, previously known as Dar Al Takaful PJSC, has reported a substantial recovery in its financial performance for the year ending 31 December 2023.
Summary
Watania International Holding PJSC has reported a significant turnaround in its financial performance for the year ending 31 December 2023, with a net profit of AED13.2 million compared to a net loss of AED53.1 million in FY 2022.
Watania International Holding PJSC, formerly Dar Al Takaful PJSC, has posted a remarkable recovery in its financial year ending 31 December 2023. The company reported a net profit of AED13.2 million, a significant turnaround from the net loss of AED53.1 million in FY 2022. This recovery is particularly noteworthy given the company's recent transformation from an insurance company to an investment holding company.
In March 2023, the company changed its name from Dar Al Takaful PJSC to Watania International Holding PJSC, following the cancellation of its insurance license. This move signaled a shift in the company's business object, as it aimed to expand its footprint through shariah compliant investments. The company's trading symbol on the Dubai Financial Market also changed to WATANIA in July 2023, further aligning its identity with its new business direction.
Additionally, the company's fully owned subsidiaries underwent a name change to align with the Watania brand after a merger. The company saw a 16.4% increase in Takaful revenue and a 162.1% increase in net investment income compared to the previous year, indicating a successful transition and promising growth potential.
Despite the impressive recovery and growth, the future of Watania International Holding PJSC appears neutral. The company's recent transformation and its performance in the past year indicate potential for growth. However, the company's negative yield over the past one and three months suggests that investors should tread with caution. Investors are advised to closely monitor the company's performance and market trends before making any investment decisions.
Source
Summary
Watania International Holding (PJSC) reported a net profit of AED13.2 million for the financial year ending 31 December 2023, a significant recovery from the net loss of AED53.1 million in FY 2022. The company, which changed its name from Dar Al Takaful (PJSC) in March 2023, also changed its business object after its insurance license was cancelled and it became an investment holding company. The company's trading symbol on the Dubai Financial Market changed to WATANIA in July 2023. Additionally, the trade names of its fully owned subsidiaries were changed to align with the Watania brand after a merger. The company saw a 16.4% increase in Takaful revenue and a 162.1% increase in net investment income compared to the previous year.
