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Salama's net profits more than double in 2020; dividends proposed

Salama's net profits more than double in 2020; dividends proposed
The company's revenues jumped to AED 1.167bn in 2020
SALAMA
SALAMA
-0.67% 0.74 -0.01

Dubai – Mubasher: The 2020 preliminary financial results of Islamic Arab Insurance Company (Salama) showed a boost in net profits to AED 136.129 million, compared to AED 59.816 million in 2019.

The company's revenues jumped to AED 1.167 billion in 2020 from AED 1.106 billion in the earlier year, according to a press release on Sunday.

In addition, the insurer's gross written contribution reached AED 1.17 billion last year, up 6% from AED 1.11 billion in 2019.

The earnings per share (EPS) settled at AED 0.108 in 2020, compared to AED 0.046 in the previous year.

The company cut its accumulated losses to AED 314.78 million, compared to AED 376.82 million as at 31 December 2019.

Meanwhile, the company's board has proposed a cash dividend distribution of 3 fils per share for the six months ending on 31 December 2020, besides the special dividend earlier announced of 5.25 fils per share.

Hence, the total value of dividend distribution to be recommended reaches 8.25 fils per share.

Commenting on the company's performance, Salama's Chairman, Jassim Alseddiqi, said: "SALAMA made huge strides in 2020, even in the face of an unprecedented global pandemic. Crucially, we continued to serve our customers effectively and efficiently throughout this challenging year and the results are a testament to this."

It is noteworthy to mention that during the first nine months of 2020, the company's net profits attributable to the shareholders reached AED 137.06 million, up from AED 34.99 million in the year-ago period.