Dubai: Islamic Arab Insurance Company (DFM listing: “SALAMA”), the UAE’s leading Takaful solutions provider, has announced impressive financial results for the first quarter (Q1) of 2024, marked by significant growth and strategic advancements.
SALAMA’s Q1 2024 net profit soared to AED 17.58 million, marking a remarkable 118% increase compared to AED 8.04 million recorded in the same period in 2023. This robust performance underscores the company’s resilience and commitment to sustainable growth.
The Takaful revenue surged to AED 271.47 million, demonstrating sustained expansion from AED 265.23 million in Q1 2023. Despite challenges such as currency value depreciation in Egypt, SALAMA’s net assets remained strong at AED 3,600.39 million, with total equity reaching AED 634.46 million.
SALAMA’s success in the first quarter is further accentuated by strategic milestones, including the inauguration of its new Abu Dhabi headquarters. This strategic move not only enhances the company’s market presence within the UAE but also underscores its dedication to creating long-term value for stakeholders.
H.E Saeed Alhajeri, Chairman of SALAMA, expressed confidence in the company’s growth trajectory, stating, “Our Q1 2024 results reflect our unwavering commitment to growth and profitability. We are focused on delivering personalized, high-quality Takaful solutions while remaining agile in a dynamic market landscape. With over 45 years of experience, we are well-positioned to achieve our strategic objectives and continue creating value for our customers and shareholders.”
Walter Jopp, Chief Executive Officer at SALAMA, emphasized the company’s strategic direction, saying, “We are delighted with the robust profit growth in Q1 2024, which aligns with our strategy of prioritizing underwriting discipline and customer-centricity. As we pursue our ambition to lead the Takaful market in the region, we remain dedicated to digitalization and forging strategic partnerships that prioritize customer satisfaction.”