Press releases, Reports & Disclosures for Watania International Holding PJSC

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.

Watania International Holding (WIH) announced its preliminary consolidated financial results for FY23, marking the first operating profit since its merger in July 2022. The company saw a 12% increase in Takaful revenue, reaching AED 922 million, and a 162% increase in net investment income, amounting to AED 36 million. The company also reported net cost synergies of approximately AED 20 million from the merger and a net profit of AED 13.8 million, recovering from a net loss of AED 53.1 million in FY 2022. The company's turnaround strategy has put it in a strong financial position for FY24 and beyond.

The public joint shareholders company, Watania International Holding (previously known as Dar Al Takaful), was established on July 23, 2008. Their paid up, subscribed, and authorized capital is AED 260,156,250. The Chairman of the Board is Dr. Ali Saeed Sultan Bin Harmal Aldhaheri and the CEO is Gautam Datta. The external auditor for the company is Grant Thorton Audit and Accounting Limited (Dubai Branch). The company's contact information includes a mailing address in Dubai, UAE, a phone number, and an email address.

On 13th December 2023, Watania International Holding (PJSC) held a Board of Directors meeting which started at 01:30 PM. The meeting was primarily focused on discussing routine business matters. The authorized signatory for the meeting was the Board Secretary, Nawal Ma’ally.

On December 8, 2023, a notice was issued regarding a Board of Directors meeting for Watania International Holding (PJSC) scheduled for December 13, 2023, at 1:30 PM. The agenda includes routine business discussions. The notice was authorized and signed by Board Secretary, Nawal Ma’ally.