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ADNIC posts 24% profit rise in Q3, expects 10% growth by end-2017

ADNIC posts 24% profit rise in Q3, expects 10% growth by end-2017
ADNIC’s net profits registered AED 50.05 million ($13.62 million) in Q3-17
ADNIC
ADNIC
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Abu Dhabi – Mubasher: Abu Dhabi National Insurance Company (ADNIC) on Wednesday disclosed its financial results for the first nine months of 2017, which showed that the company’s net profits increased 24.36% year-on-year to AED 178.50 million.

ADNIC’s total assets grew 4.3% to AED 6.77 billion in the first nine months of 2017, compared to AED 6.49 billion on 31 December 2016, according to a filing to the Abu Dhabi Securities Exchange (ADX).

Basic and diluted earnings per share (EPS) rose 24% to AED 0.31 in the nine-month period ended 30 September, against AED 0.25 as at the end of December 2016.  

Meanwhile, ADNIC’s net profits jumped 38.6% to AED 50.05 million ($13.62 million) in Q3-17 versus AED 36.10 million ($9.82 million) in the year-ago period.  

Revenues declined 3.4% to AED 104.26 million from July to September 2017, compared to AED 107.96 million in the corresponding period of 2016, ADNIC revealed.

Net premium earned increased 8.6% to AED 264 million in the three-month period ended 30 September from AED 242.8 million in the comparative period of 2016.

ADNIC expects a 10% net profit growth by the end of 2017, Albayan newspaper reported, citing Tariq Zeitoun, ADNIC's executive vice president for UW and strategic accounts management, as saying.

The Abu Dhabi-listed insurance firm achieved positive results since the beginning of 2017, in order to develop its activities and provide new services, the top official added.

Zietoun further noted that the UAE-based company launched a new service for wedding insurance.