Watania International Holding PJSC

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.

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.

On 18th March 2024, the Board of Directors of Watania International Holding (PJSC) held a meeting. The board approved the audited financial statements for the financial year ending on 31st December 2023, although the disclosure of these statements is deferred until final approval from the UAE Central Bank. The board also decided to invite the Annual General Assembly to convene, pending approvals from the relevant regulatory authorities. Other routine business matters were discussed. The meeting was authorized by Board Secretary, Nawal Ma’ally.

On 13th March 2024, the Board of Directors of Watania International Holding (PJSC) announced a meeting scheduled for Monday, 18th March 2024 at 2:00 PM. The agenda includes reviewing and endorsing the audited financial statements for the fiscal year ending 31st December 2023, subject to regulatory approval, and inviting the Annual General Assembly to convene following approvals. Routine business discussions are also on the schedule. The meeting notice was signed by Nawal Ma’ally, the Board Secretary.