Please wait...
GulfBase Live Support
- Saudi Arabia invites applications for exploration permits in Riyadh, Madinah regions
- Dubai port operator DP World grows 2024 revenues to record $20b
- Asyad Shipping shares steady on market debut after RO128mn IPO
- Qatar sees strong residential performance in Q4 2024
- Dubai office rents: Small businesses feel full impact of eviction notices
- UAE-Pakistan trade gets single-window boost after AD Ports Group deal
- India becomes top FDI source in Dubai with $3 billion investment
- Closing Bell: Saudi main index continues to decline on third consecutive day
- Saudi banks see profit surge in Q4 as rate cuts boost margins: Fitch Ratings
- Haramain Railway operates over 3,400 trips with 1.6 million seats during Ramadan
13/05/2015 01:27 AST
United Insurance Company remains mired in uncertainty over its survival as an ongoing financial concern, despite trimming losses for the first quarter of the year.
The Ras Al Khaimah-based insurer yesterday announced a first-quarter loss of Dh7.1 million compared with a loss of Dh9.1m a year earlier, thanks to a Dh3.5m gain on the sale of some of its investments during the first three months of the year.
The gain only partially masked decreases in net insurance premium revenue and increasing underwriting losses.
United Insurance remains in dire financial straits, its accumulated losses deepening to Dh80.5m at the end of March, compared with Dh14.3m at the a year earlier.
The insurer has since September been in breach of UAE companies law that requires a company's accumulated losses not to exceed 50 per cent or be less than its share capital.
In such circumstances, the company is required by law to hold an extraordinary general meeting to determine whether it should cease operations.
"The board of directors has commenced an assessment in relation to the capital requirement of the company, and after reviewing the options will convene an extraordinary general meeting after meeting the necessary legal and regulatory requirements," the company said.
The insurer's stocks have not traded since April last year, and the shares remained unchanged yesterday on the Abu Dhabi Securities Exchange at Dh2 each.
The National
18/05/2017
United Insurance Company said it has received the approval from the Securities and Commodities Authority to extend the subscription period for shares to increase the company's capital.
The
Gulfnews
17/08/2015
Union Insurance Company said on Sunday it reported a 12 per cent rise in gross insurance premium in the first half to June.
The company reported a gross insurance of Dh331 million in the f
Gulfnews
13/08/2014
Union Insurance Company announced its results for the first six months of 2014, demonstrating robust financial performance.
Net profit has increased 12 per cent to AED 23.6 million compare
CPI Financial
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| IHC | 404.00 | 2.40 (0.59 |
| FAB | 14.00 | -0.24 (-1.69 |
| EMIRATESNBD | 20.05 | -0.55 (-2.67 |
| ADCB | 10.68 | 0.28 (2.69 |
| EIB | 11.95 | 0.00 (0.00 |
13/03/2025
Asyad Shipping Company, one of the world's largest diversified maritime providers and a global leader in deep-sea transportation, successfully listed on the Muscat Stock Exchange (MSX) on Wednesday f
Muscat Daily
13/03/2025
Qatar Gas Transport Company (Nakilat) marked a significant milestone with the steel cutting ceremony for eight of its new LNG carriers at Hanwha Ocean Shipyard in South Korea.
These vessel
Trade Arabia
12/03/2025
Oman's Ministry of Energy and Minerals has entered into an Exploration and Production Sharing Agreement (EPSA) with OQ Exploration and Production (OQEP) and Genel Energy to develop Concession Block 5
Muscat Daily
11/03/2025
For the third consecutive year, Gulf Bank successfully organized an exhilarating fitness challenge at Lose Gain, a specialized group training gym. The event combined high-energy workouts with friendl
Khaleej Times
11/03/2025
Oman Telecommunications Company (Omantel) Group has reported significant growth in its financial results for the year 2024. The group's revenue (including Zain Group's operations) increased by 3%, fr
Muscat Daily
Financial Information Co.
P.O. Box 69410, Jeddah 11547, Saudi Arabia