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Dubai: Takaful Emarat announces capital increase of Dh185 million
The Dubai-listed company’s insurance revenues reached Dh84 million in Q1 2024, compared to Dh47 million for the same period last year.
The General Assembly of Takaful Emarat Insurance Company announced an additional capital increase of Dh185 million, bringing the total capital to Dh210 million.
This decision came in light of the outstanding performance and significant growth by the company’s insurance operations, which grew 79 per cent increase in the first quarter of 2024.
The Dubai-listed company’s insurance revenues reached Dh84 million in Q1 2024, compared to Dh47 million for the same period last year.
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“Since the beginning of the year, the company has witnessed remarkable performance and significant growth thanks to the strategies implemented by the new management. We are now in a strong financial position that allows us to explore new opportunities for growth and expansion. We look forward to the future with optimism and aim to achieve more accomplishments,” said Mohammed Abu Quora, CEO of Takaful Emarat.
“We believe that the shareholders’ approval of the capital increase, along with our strategic initiatives, will position the company for sustainable growth and profitability in the years to come.”
Abu Quora added that the results for the first quarter confirm the company's leading position in the health and takaful insurance sectors for both corporates and individuals.
“We expect these positive trends to continue steadily with the announcement of the second quarter results. We are currently working on developing a long-term business plan to enhance IT systems, improve operational efficiencies, and expand the market regionally and globally by offering insurance programs with global coverage in partnership with leading global companies in the field of individual health insurance to meet the increasing needs of clients and provide comprehensive protection amidst the current changes and developments in the UAE market,” he said.
The company’s Board of Directors has restructured the executive management and appointed a new management team with extensive experience. They also called for a General Assembly vote to write off accumulated losses from previous years amounting to Dh132.43 million, followed by a capital increase through a rights issue of new shares valued at Dh1 each.
This will strengthen the company's capital base to create new opportunities for business expansion, ensuring the availability of necessary resources to support and grow the company's future operations. Additionally, the investment portfolios and channels were restructured alongside the appointment of a chief investment officer to improve and maximise the company's investment returns.
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