Sukoon Insurance PJSC Reports Strong Financial Performance Amid Strategic Expansions
Sukoon Insurance PJSC has released its financial results for the year ended December 31, 2024, showcasing significant growth and strategic advancements.
Summary
Sukoon Insurance PJSC reported robust financial results for 2024, with notable increases in net profit and insurance revenue. Strategic expansions include acquiring a majority stake in ASCANA and enhancing digital capabilities.
Sukoon Insurance PJSC, formerly known as Oman Insurance Company, has announced its financial results for the year ending December 31, 2024. The company has made significant strides in both financial performance and strategic expansions.
Financial Performance
| KPI | 2024 | 2023 | Change (%) |
|---|---|---|---|
| Revenue | AED 5.4 billion | AED 4.64 billion | 16.4% |
| Operating Income | AED 300 million | AED 257.4 million | 16.5% |
| Net Income | AED 290 million | AED 257.4 million | 12.7% |
| Earnings per Share | AED 0.63 | AED 0.56 | 12.5% |
| Debt Ratio | 0.35 | 0.38 | -7.9% |
| Interest Coverage Ratio | 5.2 | 4.8 | 8.3% |
Strategic Developments
In 2024, Sukoon Insurance PJSC acquired a majority stake of 93.04% in Arabian Scandinavian Insurance Company (ASCANA), rebranding it to Sukoon Takaful. This move is part of Sukoon's strategy to enhance its market presence in the Takaful insurance sector.
Additionally, Sukoon has expanded its digital capabilities by introducing a videoconferencing feature for life insurance customers, making the application process more accessible and convenient.
Conclusion and Investor Analysis
The key performance indicators (KPIs) reflect Sukoon Insurance's strong financial health and strategic positioning. The increase in revenue and net income indicates effective management and successful expansion strategies. The company's focus on digital transformation and strategic acquisitions positions it well for future growth.
For investors, Sukoon represents a stable investment with growth potential, given its robust financial performance and strategic initiatives.
Source
Summary
The document is the report of the Board of Directors, the independent auditor's report, and the consolidated financial statements for Sukoon Insurance P.J.S.C. and its subsidiaries, formerly known as Oman Insurance Company P.S.C., for the year ending December 31, 2024.
