13/08/2017 07:37 AST

UAE-based National Takaful Company (Watania) has posted total profits of Dh2.7 million ($735,000) for the second quarter of the year as against a deficit Dh1.5 million a year before, marking a growth rate of 272 per cent.

Ali Bin Harmel Al Dhaheri, chairman of Wataniya pointed out that it is necessary to measure the company's performance in 2017 in consistency with what has been done in previous years since the company has registered loss until 2015.

In 2016 a major restructuring process was implemented in the Company which had a positive impact on it and enabled it to finish 2016 with some profits. Likewise, the Company's performance gained extra momentum in 2017, which led to the achievement of better than expected results during the second quarter.

Al Dhaheri said that the company is now embarking towards profitable phase by the help of using important technological aspects.

"Watania stopped some of its operations that caused it to incur loss in some sectors, and developed a clear strategy to identify and develop the profitable sectors. The success of this strategy was reflected in the numbers that were achieved since for the first time in the history of the company," Al Dhaheri said.

"There are some new products in pipeline, which would be available in future in right time at right price; the company is also considering some new channels and expansion in new geographical area," he added.

"Takaful industry in UAE is going through challenging times. New regulations related to investments and solvency is putting strains forcing some companies to focus on operational profitability. The need to improve performance of this sector is evident from market data," Al Dhaheri said.

"Takaful companies have to focus on improving their performance. I believe that if we are able to develop the operations then our future is bright. This will show better value for our shareholders," he added.


Trade Arabia

National Takaful Company posts Dh7.6m profit in 2017

07/03/2018

National Takaful Company (Watania) posted a net profit of Dh7.6 million for 2017 compared to Dh400,000 in 2016 with return on equity of 9 per cent, the firm said on Tuesday in a statement.

Gulf News

A.M. Best affirms ratings of National Takaful Company (Watania) PJSC

23/03/2015

A.M. Best has affirmed the financial strength rating of B+ (Good) and the issuer credit rating of "bbb-" of National Takaful Company (Watania) PJSC (Watania) (United Arab Emirates). The outlook for b

CPI Financial

Abu Dhabi's Watania says regulator approves 60.53% stake sale

27/08/2014

Abu Dhabi-listed Islamic insurer National Takaful Co (Watania) said on Tuesday that United Arab Emirates regulators had approved the sale of 60.53 per cent of the firm to MB UAE Investments and an af

Reuters

Ticker Price Volume
Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg
Ticker Price Change
ALMUTAHED 0.00 0.00 (0.00%)
ALMAL 0.00 0.00 (0.00%)
ALAMAN 0.00 0.00 (0.00%)
MASSALEH 0.00 0.00 (0.00%)
INVESTORS 0.00 0.00 (0.00%)
Julphar plans to invest Dh300 million over next five years: CEO

20/05/2025

Gulf Pharmaceutical Industries (Julphar) plans to invest Dh300 million over the next five years to expand its manufacturing base and localise advanced pharmaceutical technologies, CEO Basel Ziyadeh c

Gulfnews

Emirates NBD in India: Bank gets in-principle nod to set up wholly owned subsidiary

20/05/2025

The Reserve Bank of India (RBI) has given an in-principle approval to UAE's Emirates NBD Bank PJSC to set up a wholly owned subsidiary (WOS) in India.

Emirates NBD is currently conducting co

Gulfnews

Investcorp to invest in expansion of Oman's Port of Duqm

20/05/2025

Investcorp, a leading global alternative investment firm, on Monday announced that its infrastructure platform has signed a cooperation agreement to invest in a $550 million infrastructure project in

Khaleej Times

Acwa Power inks $500m deals with top US firms at key Saudi forum

20/05/2025

Saudi-based Acwa Power, the world's largest private water desalination company, and a leader in energy transition and first mover into green hydrogen, has announced the signing of MoUs with US compan

Trade Arabia

NMDC unit eyes Chinese JV to build valve facility in UAE

20/05/2025

NMDC LTS, a business vertical of NMDC Group, a global leader in engineering, procurement, construction (EPC), and marine dredging services, has announced the signing of an MoU to explore the establis

Trade Arabia