Abu Dhabi National Takaful announced its financials, in a statement to the Abu Dhabi Securities Exchange (ADX), reporting a net profit of AED 24.8 million ($6.752 million) during the first nine months of 2014 compared to AED 31.15 million ($8.48 million) during the same period in 2013, registering a profit decline by 19.7%.
Similarly, profit for the third quarter this year reached AED 9.7 million against AED 11.26 million during the third quarter of 2013, a decline by 14%. Earnings per share (EPS) during the period fell to AED 0.25 against AED 0.31 in Q3-13.
The decline in net profit was attributed to retreating operational profit, which amounted to AED 39 million against AED 48.6 million during the same period in 2013, a decline by 19.7%, owing to increased takaful costs by 21.2% to AED 24 million against AED 20 million.
It is worth noting that Abu Dhabi National Takaful had reported a net profit of AED 15 million during the first half of 2014, compared to AED 19.8 million during the first half of 2013, recording a 25% profit fall.