Dubai Islamic Insurance and Reinsurance Co. [AMAN] PJSC records AED 9.9m growth in Net Profit Financial Results for the 3rd quarter of 2020
In continuation to AMAN’s progress on its strategic agenda and executing on its strategic levers, in spite of the economic difficult situation resulted from COVid-19 pandemic, to achieve a net profit of AED 9.9m in Q3-2020.
Dubai 15, Nov. 2020: AMAN, the pioneer Takaful Insurance provider in UAE since 2003, announces its financial results for the nine months period ended 30th September 2020. AMAN recorded AED 9.9 million net profit attributed to Shareholders which is an increase of 14% compared to the same period of 2019 when it has achieved AED 8.7 million.
The shareholders equity as well has grown by 3.6% during this period to reach AED 76.9 million from AED74.2 million in Q3-2019. AMAN has written a gross contribution of AED 173.2 million for the Q-3 2020 and has shown a profit of AED 600k attributable to Policyholders.
AMAN’s Chairman: Continued Execution towards Stakeholders’ Best Interests
Commenting on the period’s result, AMAN’s Chairman, Dr. Saleh Al Hashemi said: “AMAN is performing at its best to secure value for all stakeholders under this unprecedented challenging situation and committed to deliver better results in the coming days. Our emphasis remains on grabbing potential opportunities under this prevailing market conditions to ensure overall growth of the company for the benefit of its all stakeholder including shareholders’, policyholders’, business partners and staff”.
In addition to investing in new technology to improve its productivity, AMAN also continued to downsize its non-strategic assets by closing two non-profitable branches to achieve around 9% reduction in its general cost and to remain on track to achieve its 2020 targets.
AMAN’s CEO: “Continued progress on executing against our strategic objectives”
Chief Executive Officer of Aman, Mr. Jihad Faitrouni said: “It is obvious that our strategy and prudent action has enabled us to provide such good results and we thank all partners for their trust and support extended to Aman. I am optimistic for a better future and rewarding results to all our partners”.
The company has made further headway in strengthening and growing its core businesses as well as diversifying its products and service offerings within its core businesses. This is following an active quarter which saw AMAN demonstrating clear progress on its plans to increase recurring revenue streams through permanent growing Takaful products.