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ADNIC’s profits jump 16% in 9M-23 consolidated results

ADNIC’s profits jump 16% in 9M-23 consolidated results
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Abu Dhabi – Mubasher: Abu Dhabi National Insurance Company (ADNIC) posted an annual rise of 16.20% in net profit to AED 301.87 million during the first nine months (9M) of 2023, versus AED 259.82 million.

Revenues declined to AED 3.33 billion in January-September 2023 from AED 3.41 billion in 9M-22, according to the consolidated interim income statements.

Earnings per share (EPS) stood at AED 0.53 as of 30 September 2023, up year-on-year (YoY) from AED 0.46.

Total assets reached AED 7.38 billion in 9M-23, compared to AED 6.40 billion as of 31 December 2022.

Financials for Q3-23

In the third quarter (Q3) of 2023, ADNIC recorded net profits valued at AED 97.49 million, higher than AED 82.79 million in Q3-22.

The insurance revenues climbed to AED 1.19 billion in Q3-23 from AED 1.17 billion a year earlier, while the EPS went up to AED 0.17 from AED 0.15.

Charalampos Mylonas, CEO of ADNIC, said: “Our progressing acquisition of the 51% stake in the Allianz Saudi Fransi Cooperative Insurance Company in Saudi Arabia solidifies our position as a leading composite insurer beyond our native UAE market and into the wider GCC region.”

“We are excited about the next phase of our growth, particularly given our field presence in the two largest and fastest-growing markets in the Middle East,” Mylonas added.