Press releases, Reports & Disclosures for Watania International Holding PJSC

Watania International Holding PJSC (WIH), an investment holding company listed on the Dubai Financial Market, reported a steady performance in Q3 2023 despite regional macroeconomic uncertainty. The company's improved investment returns and larger asset base, due to a recent merger, contributed to this performance. WIH sees potential for rapid growth in the insurance market, particularly in the Takaful sector, with revenues expected to grow by a CAGR of 11.6% from 2023 to 2030. The company is focusing on improving the performance of its Takaful operations and optimizing its investments. The net loss for Q3 2023 was AED6.6M, down from a loss of AED26.5M in Q3 2022. Takaful revenue increased by 15.7% year-on-year, and investment income increased by 368% year-on-year.

Watania International Holding (WIH) has announced its Q3 2023 consolidated financial results, with notable progress in post-merger synergies and cost controls leading to a path towards normalized profitability. Key highlights include a 15.7% YoY growth in Takaful revenue, a 368% YoY increase in investment income to AED 30 million, and a significant reduction in net loss from AED 26.5 million in 9M FY 2022 to AED 6.6 million. The company's Chairman, Dr. Ali Saeed Bin Harmal Aldhaheri, noted the steady performance despite regional economic uncertainty, attributing it to improved investment returns, strong yields, and the larger asset base from the merger. He also highlighted the potential for rapid growth in the insurance market due to an increasingly risk-aware population in the GCC.

Watania International Holding has disclosed a detailed analysis of its accumulated losses, as per the SCA Board of Directors’ Decision No. (32/R.M.) of 2019. The company's accumulated losses amount to AED 58.2mn, which equates to 22.4% of its paid-up capital. The losses primarily resulted from a one-off merger cost of AED 55mn in FY22, increased hospital utilization post-Covid, and market pricing pressure during the pandemic. The company has initiated steps to address these losses, including the completion of a merger in July 2022 and a focus on benefiting from more normalized market conditions post-Covid. The company expects improved results in FY23 and aims to deliver long-term positive returns to its shareholders.

On 13th November 2023, the Board of Directors at Watania International Holding (PJSC) held a meeting. The board approved the financial statements for the third quarter that ended on 30th September 2023 and discussed routine business matters. The meeting was authorized by Nawal Ma’ally, the Board Secretary.

Watania International Holding (PJSC) will hold a Board of Directors' meeting on Monday, 13 November 2023, starting at 03:00 PM. The agenda includes reviewing and adopting the financial statements for the third quarter ended on 30 September 2023 and discussing routine business matters. The notice was signed by Board Secretary Nawal Ma’ally on 8 November 2023.