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Methaq Takaful accumulated losses near 31% of capital

Methaq Takaful accumulated losses near 31% of capital
The company has set a business plan for 2020 onwards
Methaq
METHAQ
-0.18% 0.56 -0.00

Abu Dhabi – Mubasher: The accumulated losses of Methaq Takaful Insurance Company reached AED 46.45 million in the first quarter (Q1) of 2020, representing 30.97% of the capital.

Since 2011, the accumulated losses have been driven by the loss of the fair value of financial and real estate investments worth AED 47 million due to the fluctuations in the financial markets, according to the company's disclosure to Abu Dhabi Securities Exchange (ADX) on Sunday.

To address the accumulated losses, the company has set a business plan for 2020 onwards, and the board forecast that these losses are temporary and the company will generate profits from future takaful operations.

During the first three months of 2020, the company witnessed net losses of AED 8.033 million, against net profits of AED 5.881 million in the year-ago period.