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Salama records over AED 8m net profits in Q1-23

Salama records over AED 8m net profits in Q1-23
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Dubai – Mubasher: Islamic Arab Insurance Company (Salama) registered net profits after tax worth AED 8.03 million in the first quarter (Q1) of 2023, a growth from AED 7.66 million in Q1-22.

The basic and diluted earnings per share (EPS) edged up to AED 0.004 at the end of March 2023, compared to AED 0.003 in the same period a year ago.

Salama’s insurance revenue soared by 18% to AED 265.23 million during January-March 2023 from AED 224.51 million in the corresponding three months (3M) in 2022, according to the financial results.

The total assets reached AED 3.55 billion as of 31 March 2023, compared with AED 3.57 billion as of 31 December 2022.

Accumulated Losses

As for the accumulated losses, Salama continued to strengthen its balance sheet with the conversion of accumulated losses to retained earnings of AED 2.66 million after the completion of capital reduction which took place on 27 March 2023.

Chairman of Salama, Saeed Alhajeri, said: “Our Q1-23 results demonstrate our firm focus on profitability while remaining committed to financial stability.”

Alhajeri noted: “Despite global economic headwinds, we see tremendous opportunity for Sharia’ Compliant Insurance Solutions and remain committed to delivering world class product offerings and services for our ever-growing customer base and value to our stakeholders.”

In 2022, the company recorded a decline in net profit to AED 45.27 million from AED 62.37 million in 2021.