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Salama registers lower net profits in Q2, H1-23

Salama registers lower net profits in Q2, H1-23
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SALAMA
SALAMA
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Dubai – Mubasher: Islamic Arab Insurance Company (Salama) generated AED 12.26 million worth of net profits after tax in the first half (H1) of 2023, a decline from AED 16.65 million in H1-22.

The firm posted a basic and diluted loss per share of AED 0.001 in H1-23, versus earnings per share (EPS) worth AED 0.007 in H1-22, according to the consolidated income statement.

The insurance revenue, meanwhile, increased to AED 544.17 million during January-June 2023 when compared with AED 425.14 million in the corresponding period last year.

As of 30 June 2023, the total assets stood at AED 3.58 billion as compared with the AED 3.57 billion registered at the end of December 2022.

Financial Results for Q2

In the second quarter (Q2) of 2023, Salama posted net profits after tax worth AED 4.22 million which came lower than AED 8.99 million in Q2-22.

The company witnessed a basic and diluted loss per share of AED 0.005 in Q2-23, against EPS of AED 0.005 in Q2-22.

The revenues jumped to AED 278.93 million during April-June 2023 from AED 200.62 million in the year-ago period.

In Q1-23, the insurance firm logged net profits amounting to AED 8.03 million, while the revenues reached AED 265.23 million.