UAE: Salama's net profit plunged in 2018
Source: Middle East Insurance Review | Mar 2019
Islamic Arab Insurance (Salama) has posted a sharp fall of 98.3% in its net profit to AED619,000 ($168,500) for the year 2018 from AED37.5m in 2017, according to preliminary financial statements filed with the stock exchange.
The decline took place largely in the October-December quarter when the Dubai-headquartered takaful company posted a quarterly net loss of AED31.4m, compared to a net profit of AED25.14m for the corresponding quarter in 2017.
The plunge in net profit was despite a 31.5% surge in the company’s full-year revenue to AED1.06bn in 2018, compared to AED808.7m in 2017. M