Abu Dhabi – Mubasher: Methaq Takaful Insurance Company (METHAQ) on Sunday announced that it swung to profits in the first quarter of 2017, against losses in the year-ago-period.

The company’s profits stood at AED 5.58 million ($1.52 million) in Q1-17, against losses of AED 5.45 million ($1.48 million) in Q1-16, according to a filing to the Abu Dhabi Securities Exchange (ADX).

Net takaful revenues reached AED 15.6 million in Q1-17, compared to AED 577,310 in the same quarter in the year earlier.

The UAE insurance company had previously reported profits of AED 3.67 million in 2016, against losses worth AED 3.52 million in 2015.