Watania International Holding PJSC

A Board of Directors meeting for Watania International Holding (PJSC) is scheduled for Thursday, December 26, 2024, at 1:00 PM. The agenda includes reviewing the company's budget for the financial year 2025, considering the procurement of Islamic credit facilities from Emirates NBD Bank, and discussing routine business matters. The notification is issued by Nawal Ma’ally, the Board Secretary, on December 23, 2024.

A Board of Directors meeting for Watania International Holding (PJSC) is scheduled for Thursday, 12 December 2024, at 3:30 PM. The meeting will focus on routine business discussions. The notification is authorized by Nawal Ma’ally, the Board Secretary, and is dated 9 December 2024.

Watania International Holding reported a net profit before tax of AED 9.7 million for the first nine months of 2024, marking its fourth consecutive quarter of profitability despite significant one-time claims from the UAE's April rains. The company's improved financial performance was driven by better results in its Medical portfolio, though overall Takaful revenue declined by 9% due to challenges in the Motor and Property lines. Operating expenses decreased by 12% due to operational efficiencies, and the combined operating ratio improved to just above 100%, or 97% when adjusted for the rain-related claims. The company highlighted its strategic focus on long-term shareholder value, technological advancements, customer service, and operational improvements across its Takaful subsidiaries.

On 12 November 2024, Watania International Holding (PJSC) held a Board of Directors meeting at 3:00 PM. During the meeting, the board approved the financial statements for the third quarter ending 30 September 2024 and discussed routine business matters. The meeting details were authorized by Nawal Ma’ally, the Board Secretary, and documented with the company's seal.

Watania International Holding (PJSC) has scheduled a Board of Directors meeting for Tuesday, 12 November 2024, at 3:00 PM. The agenda includes reviewing and endorsing the financial statements for the third quarter ending 30 September 2024, along with routine business discussions. The notification is authorized by Nawal Ma’ally, the Board Secretary, on 7 November 2024.

Watania International Holding PJSC (formerly Dar Al Takaful PJSC) is an investment holding company publicly traded on the Dubai Financial Market under the ticker DFM: WATANIA. As of June 30, 2024, the company has an authorized capital of 260 million AED and 260 million issued shares. The portfolio is broken down into various types of Takaful (insurance) contracts and asset types, with significant portions in Wakala deposits, equities, real estate, and Sukuk. Key shareholders include Mohammed Qusai Mohammed Alghussein, Ali Saeed Sultan Bin Harmal AlDhaheri, MB UAE Investments LLC, Magna Investment LLC, and Mohamed Sultan Mohamed Hashel Alkhyeli. The performance summary for H1 2024 shows liabilities and equity distribution, with 71% in total equity and 16% in other liabilities. Assets are divided among investment assets, cash and bank balances, receivables, Takaful assets, and PPE & intangible assets. Takaful revenue decreased from AED 457 million in H1 2023 to AED 389 million in H1 2024. Investment income also saw a decline from AED 22 million to AED 12 million in the same period. The profit/loss figures are not specified. The share volume and pricing fluctuated throughout the first half of 2024.

Watania International Holding has appointed Al Ramz Capital LLC as its liquidity provider, effective from August 15, 2024, following regulatory approvals. Al Ramz, a licensed market maker with over 25 years of experience in UAE capital markets, will independently trade Watania shares, aiming to optimize share trading by enriching the order book, minimizing trading spreads, and reducing price volatility. This move aligns with Watania's strategy to enhance market positioning and investor confidence. Both Watania's CEO, Gautam Datta, and Al Ramz's CEO, Karim Schoeib, expressed their commitment to fostering a dynamic and transparent trading environment.

Watania International Holding (WIH) reported a net profit of AED 7.9 million for the first half of 2024, a significant improvement from a loss of AED 3.9 million in the same period last year. The company's combined operating ratio (COR) improved to just under 100%, driven by strong performance in its Medical Takaful and Family Islamic insurance businesses. Despite large one-time claims due to unprecedented April rains in the UAE, WIH maintained overall profitability. Chairman Dr. Ali Saeed Bin Harmal Aldhaheri attributed the solid performance to the company's robust risk mitigation framework and successful turnaround strategy. WIH also launched its inaugural integrated annual and sustainability report for 2023 and continued to build strategic partnerships to support road safety and community wellbeing.