News Middle East19 Feb 2019

UAE:Salama reports plunge in net profit for 2018

19 Feb 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.


 

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