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Dar Al Takaful Q2 profits down 57%

Dar Al Takaful Q2 profits down 57%
Dar Al Takaful turned to profitability in the first half of 2017
WATANIA
WATANIA
-0.86% 0.57 -0.01

Dubai – Mubasher: Dar Al Takaful on Thursday reported a profit decline of 57% in the second quarter of 2017, compared to the same period of the previous year.

Profits reached AED 1.11 million ($30,210) in Q2-17, versus AED 2.6 million ($70,770) during Q2-16, according to a company statement to the Dubai Financial Market (DFM).

Dar Al Takaful turned to profitability in the first half of 2017, as profits recorded AED 3.42 million, against losses of AED 1.37 million during the prior-year period.

Takaful revenues in H1-17 rose 66.6% year-on-year to AED 40 million from AED 24 million.

The company turned to profits by the end of Q1-17 with AED 2.3 million, versus losses of AED 3.97 million in Q1-16.