Data News > Salama's Q1-24 profit soars 118% to AED 17.58 million

Salama's Q1-24 profit soars 118% to AED 17.58 million

By KlickAnalytics Data Insights  |   May 16, 2024 10:00AM ET

- Takaful revenue reaches AED 271.47 million
- Net assets hit AED 3.60 billion
- Total equity declines by 3.46% to AED 634.46 million

Islamic Arab Insurance Company (Salama) has reported a remarkable surge in net profits for the first quarter of 2024, reaching AED 17.58 million, up by 118% from the same period last year. Takaful revenue also saw an increase, reaching AED 271.47 million as of March 31, 2024. Despite a decline in total equity, Salama remains focused on growth and profitability, with plans to enhance market position and deliver high-quality solutions.

Chairman Saeed Alhajeri emphasized the company's commitment to growth and customer satisfaction, while CEO Walter Jopp highlighted strategic initiatives such as digitalization and partnerships to further solidify Salama's position as a leading Takaful provider in the region. After facing net losses in 2023, Salama's strong performance in Q1-24 signals a positive outlook for the company's future.
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