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Takaful Emarat mulls capital hike to boost operations

Takaful Emarat mulls capital hike to boost operations
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Takaful Emarat
TAKAFUL-EM
7.65% 0.59 0.04

Dubai – Mubasher: The board of Takaful Emarat – Insurance recommended a capital increase valued at AED 60 million to enhance the company’s financial position and ensure long-term business stability.

The board called for the shareholders to approve the transaction during the annual general meeting (AGM), which is set to be held on 14 June 2024, according to a press release.

This increase will foster Takaful Emarat’s capital base, bringing the total capital raise to AED 185 million. The proposal will provide the necessary resources to back the company’s operations, with the restructured total capital amounting to AED 210 million.

In the first quarter (Q1) of 2024, the insurance firm achieved a 79% year-on-year (YoY) leap in revenues to AED 84 million, compared to AED 47 million.

This growth was attributed to strategic initiatives implemented by the new management, focusing on boosting customer engagement, expanding market reach, and improving operational efficiency.