News
Dubai-Listed Companies Post Strong 2009 Results
| February 24, 2010 by Rob Morris
Last year saw some of Dubai’s listed Takaful businesses complete a financial turnaround after struggling in 2008.
Takaful companies listed in Dubai recovered last year to post healthy profits following a turbulent 2008 that saw revenues tumble during the financial crisis.
Dubai Islamic Insurance & Reinsurance Co (Aman) reported a 162% growth in net profit to Dhs20.5 million – a significant turnaround from the previous year’s Dhs33.2 million loss.
The company’s revenues climbed from Dhs492.9 million to Dhs495.8 million during the same period. Less positive was its net technical returns, which dropped 55.6% to Dhs30.2 million last year.
The Islamic Arab Insurance Co (Salama) also bounced back last year, posting a Dhs116.2 million net profit after losing Dhs8.2 million in 2008. Net operating profits climbed 12.1% to Dhs184.3 million, while revenues were up 23.1% to Dhs1.6bn.
Total assets rose to Dhs3.3bn from Dhs2.9bn in 2008.
