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Salama's profit down to AED 13.6m in Q1-20

Salama's profit down to AED 13.6m in Q1-20
The DFM-listed firm’s accumulated losses amounted to AED 363.2 million
SALAMA
SALAMA
-0.82% 0.36 -0.00

Dubai – Mubasher: Islamic Arab Insurance Company (Salama) reported AED 13.65 million in net profits attributable to shareholders in the first quarter of 2020, down by 8.7% from AED 14.96 million in the year-ago period.

Gross written contributions grew by 26% to AED 441 million in Q1-20 from AED 351 million in Q1-19, according to a statement to the Dubai Financial Market (DFM) on Wednesday.

The DFM-listed firm’s accumulated losses amounted to AED 363.2 million, representing 30% of its total capital of AED 1.210 billion.

It is noteworthy to mention that in 2019, Salama’s net profits attributable to shareholders hiked to AED 54.748 million from AED 2.039 million in 2018.