Islamic Arab Insurance Company (SALAMA) Reports 2024 Financial Results: A Comparative Analysis
Islamic Arab Insurance Company (SALAMA) has released its financial results for the year ending December 31, 2024. This report provides an in-depth analysis of the company's performance, comparing it with previous years.
Summary
SALAMA's 2024 financial results show a mixed performance with significant improvements in revenue and net income. The company continues to focus on strategic growth initiatives and digital transformation, despite challenges such as currency depreciation and market volatility.
Islamic Arab Insurance Company (SALAMA) Reports 2024 Financial Results: A Comparative Analysis
Islamic Arab Insurance Company (SALAMA), a leading Takaful solutions provider in the UAE, has announced its financial results for the year ending December 31, 2024. The company has shown resilience and strategic growth amidst challenging market conditions.
Key Performance Indicators (KPIs)
| KPI | 2024 | 2023 |
|---|---|---|
| Revenue | AED 1.11 billion | AED 1.111 billion |
| Operating Income | AED 101.64 million | AED 101.64 million |
| Net Income | AED 17.58 million | AED -139.327 million |
| Earnings per Share | AED 0.018 | AED -0.148 |
| Total Assets | AED 3.70 billion | AED 3.613 billion |
| Debt Ratio | 0.65 | 0.68 |
| Interest Coverage Ratio | 3.5 | 3.2 |
Analysis of Year-on-Year Changes
| KPI | Change |
|---|---|
| Revenue | 0% |
| Operating Income | 0% |
| Net Income | +112.6% |
| Earnings per Share | +112.6% |
| Total Assets | +2.4% |
| Debt Ratio | -4.4% |
| Interest Coverage Ratio | +9.4% |
Conclusion
The financial results for 2024 demonstrate SALAMA's ability to adapt and grow in a volatile market. The improvement in net income and earnings per share is a positive sign for investors. The company’s strategic focus on digital transformation and operational excellence is paying off, reflected in stable operating income and a healthier balance sheet. However, challenges such as currency depreciation and macroeconomic factors continue to pose risks.
Overall Company Analysis
SALAMA's commitment to enhancing its digital capabilities and expanding its market reach has positioned it well for future growth. The company's strategic initiatives, including the appointment of new leadership and the focus on customer-centric solutions, are expected to drive long-term value for shareholders.
Source
Summary
The document includes the Board of Directors' report, the independent auditor's report, and the consolidated financial statements for Islamic Arab Insurance Co. (Salama) PJSC and its subsidiaries for the year ending December 31, 2024.
