Watania International Reports AED 13.3M Profit
Watania International Holding PJSC navigates challenges to report a net profit for 2024, showcasing resilience and strategic growth.
Summary
Watania International Holding PJSC reported a net profit of AED 13.3 million for 2024, despite challenges in the General and Motor business lines. The company appointed Al Ramz Capital as a liquidity provider and approved new board members for its subsidiaries. Community engagement and Emiratization campaigns were also highlights.
Watania International Holding PJSC (WIH), a prominent name in the UAE's Takaful industry, has announced its financial results for the year ending December 31, 2024. Despite facing significant challenges, including one-off losses in its General line of business due to adverse weather conditions in April and a higher loss ratio in its Motor segment, WIH managed to secure a net profit of AED 13.3 million. This achievement underscores the company's resilience and strategic acumen in navigating turbulent market conditions.
In a bid to enhance its market presence and optimize share trading, WIH has appointed Al Ramz Capital as a liquidity provider. This strategic move aims to invigorate the order book, minimize trading spreads, and reduce price volatility, ultimately increasing trading volume and narrowing the gap between the market and book value of the company's share price. This decision reflects WIH's commitment to enhancing shareholder value and ensuring robust market performance.
Additionally, WIH, as the sole shareholder of Watania Takaful General PJSC and Watania Takaful Family PJSC, approved the appointment of new board members for its subsidiaries in Q3 2024. This strategic realignment is expected to infuse fresh perspectives and drive the subsidiaries towards achieving their growth objectives.
WIH's dedication to community engagement is evident through its various campaigns, including road safety, blood donation, and physical and mental health awareness initiatives. Furthermore, the company launched an Emiratization campaign aimed at engaging young graduates and encouraging them to explore opportunities within the company and the broader Takaful sector. These efforts not only strengthen WIH's community ties but also align with the UAE's national objectives of fostering local talent.
Looking ahead, WIH's strategic initiatives, coupled with its robust community engagement efforts, position it well for sustainable growth. However, given the challenges faced in its General and Motor business lines, a cautious approach is advisable. Investors are recommended to hold their positions as the company continues to navigate the evolving market landscape.
Source
Summary
Watania International Holding (PJSC) reported a net profit of AED 13.3 million for the year ending December 31, 2024, despite experiencing one-off losses in its General line of business due to April rains and a higher loss ratio in Motor. No new securities were issued during this period. The company appointed Al Ramz Capital as a liquidity provider to enhance share trading by improving the order book, reducing trading spreads, and minimizing price volatility. Additionally, the company approved new Board of Directors for its subsidiaries, Watania Takaful General PJSC and Watania Takaful Family PJSC, in Q3 2024. New members were also appointed to the Internal Shari’ah Supervision Committee. WIH continued to engage in community support through campaigns focused on road safety, blood donation, and health awareness, and launched an Emiratization campaign to attract young graduates to the Takaful sector.
