Watania International Holding PJSC

Ticker/ISIN
WATANIA
AET000301019
Market/Country
Dubai Financial Market
United Arab Emirates
Latest Stock Price
0.53 AED
2024-07-12

Year to date

-0.12 %

3 months

-0.10 %

6 months

-0.18 %

1 year

-0.29 %

3 years

0.00 %

5 years

0.00 %

Country of Origin: United Arab Emirates (U.A.E)

Watania International Holding PJSC (‘WIH’ or the ‘Company’, formerly known as Dar Al Takaful PJSC) is a listed entity trading on Dubai Financial Market under the ticker WATANIA (previously DARTAKAFUL).

The Company is incorporated as a public joint stock company in accordance with the Federal Law No. 8 of 1984 (as amended) relating to commercial companies in the UAE. It obtained its commercial license on 23 July 2008 and commenced operations on 1 September 2008. 

The Company was formed following the consolidation of key operators including the acquisition in 2020 of Noor Takaful by Dar Al Takaful PJSC and the merger in July 2022 of Dar Al Takaful PJSC with National Takaful Company PJSC (Watania).

In March 2023, the public joint stock company changed its name from Dar Al Takaful PJSC to Watania International Holding PJSC and its insurance license was cancelled as it became an investment holding company aiming to expand its footprint through shariah compliant investments consisting of a portfolio of Takaful companies and supporting businesses to help develop and grow the Takaful sector.

Watania International Holding PJSC is the sole shareholder of two operating companies: Watania Takaful General PJSC (previously Noor Takaful General PJSC) and Watania Takaful Family PJSC (previously Noor Takaful Family PJSC). Together, they create one of the leading Takaful providers in the UAE.

The two operating companies offer a range of Takaful products including motor, general, technical, medical, and family to both individuals and companies in the UAE. They operate in accordance with the teachings of Islamic Sharia and within the provisions of UAE Federal Law No. 6 of 2007 relating to Takaful companies and Takaful agents and the Memorandum and Articles of Association of the companies. The two companies operate full-services offices located in Abu Dhabi, Sharjah, and Deira and Jebel Ali in Dubai.  

Latest Pressrelease Summaries

Watania International Holding PJSC
Watania International Holding (WIH) reported a net profit of AED 5.9 million for Q1 2024, a significant improvement from a loss of AED 2.8 million in Q1 2023. The company attributes the profit to improved operational performance and cost control. The combined operating ratio also improved to 97%, compared to 110% in the same period in 2023, due to improvements in the Medical and Motor Takaful lines of business. The company's chairman mentioned the successful execution of the company's turnaround strategy since its 2022 merger and the potential for growth in the regional insurance and Takaful sector.
Watania International Holding PJSC
On May 14, 2024, the Board of Directors of Watania International Holding (PJSC) met and approved the financial statements for the first quarter, which ended on March 31, 2024. In addition to this, they also discussed routine business matters. The meeting was authorized by Board Secretary, Nawal Ma’ally.
Watania International Holding PJSC
On 9th May 2024, a notice was issued for a Board of Directors meeting for Watania International Holding (PJSC) to be held on 14th May 2024 at 2:00 PM. The agenda includes reviewing and endorsing the financial statements for the first quarter ended on 31 March 2024, and routine business discussions. The notice was signed by the Board Secretary, Nawal Ma’ally.
Watania International Holding PJSC
The Chairman of Watania International Holding PJSC delivered a keynote at the Annual General Assembly Meeting, highlighting the company's growth and success in 2023. Despite challenging regional macroeconomic conditions, the company has emerged as a dynamic investment firm, with its subsidiaries holding a prominent position in the UAE's Takaful sector. This success is attributed to the transformation strategy implemented post-merger in 2022. The company's financial performance also improved, with a total income of AED 954,363,000 from Takaful activities in 2023, up from AED 820,181,000 in 2022. Shareholders' equity rose to AED 229,597,000, and the company achieved a net profit of AED 13,275,000, a significant improvement from the losses of AED 53,130,000 in 2022. Earnings per share also improved to AED 0.051.
Watania International Holding PJSC
The General Assembly Meeting of Watania International Holding (PJSC) took place on 24th April 2024, from 1:30PM to 2:30PM, chaired by Dr. Ali Saeed Bin Harmal Aldhaheri. The total attendance was 75.47%, distributed between 0.57% personal attendance and 74.9% proxy attendance. The assembly approved the Board of Directors' report on the company's activity and financial position for the fiscal year ended 31 December 2023. The Auditor's report for the same period was also approved. The Company's balance sheet and profit and loss account were discussed and approved. The Board of Directors' recommendation to refrain from distributing dividends to shareholders for the financial year ending 31 December 2023 was considered and approved. Lastly, a proposal for remuneration of the Board members for the fiscal year ended 31 December 2023 was approved.
Watania International Holding PJSC
The Board of Directors of Watania International Holding (PJSC) has invited shareholders to the Annual General Assembly Meeting. The agenda includes approval of the company's activity and financial position for the fiscal year ended 31 December 2023, approval of the auditor's report, balance sheet, and profit and loss account. The Board's recommendation to refrain from distributing dividends to shareholders for the same period will also be discussed. The meeting will also consider a proposal for remuneration of Board members, discharge the Board and external auditors from their liabilities, and appoint the external auditors for 2024. The meeting will also ratify the appointment of Mr. Rashid Mahboob Ali Musabeh Al Qubaisi as a successor to Mr. Shahab Lutfi Al Hormozi. Shareholders can register either physically or electronically. The meeting will be held on Wednesday, 24 April 2024.
Watania International Holding PJSC
Watania International Holding PJSC has reported accumulated losses of AED 45.9M, which amounts to 17.67% of its paid-up capital. The losses are primarily due to an exceptional loss of AED 53 million in FY22, attributed to one-off merger costs, increased hospital utilization post-Covid, and market pricing pressures during the pandemic. However, the company has initiated a successful turnaround strategy in 2023, driven by the integration process following a merger in July 2022, and leveraging opportunities from consolidated operations. The company managed to close the financial year 2023 with a profit of AED13.3M.
Watania International Holding PJSC
Watania International Holding (PJSC) reported a net profit of AED13.2 million for the financial year ending 31 December 2023, a significant recovery from the net loss of AED53.1 million in FY 2022. The company, which changed its name from Dar Al Takaful (PJSC) in March 2023, also changed its business object after its insurance license was cancelled and it became an investment holding company. The company's trading symbol on the Dubai Financial Market changed to WATANIA in July 2023. Additionally, the trade names of its fully owned subsidiaries were changed to align with the Watania brand after a merger. The company saw a 16.4% increase in Takaful revenue and a 162.1% increase in net investment income compared to the previous year.

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TomFlooz

TomFlooz

Commented on FinDiesels Transaction regarding Watania International Holding PJSC

Impressive move on Watania at 0.591 AED! Diversifying within Financials can be a game-changer. Keep an eye on market trends and stay agile. Your portfolio's resilience is key! 🚀
Dubai Financial Market News

Dubai Financial Market News

News Update From Watania International Holding PJSC

Disclosure: Notification from the company

Watania International Holding (WIH) reported a net profit of AED 5.9 million for Q1 2024, a significant improvement from a loss of AED 2.8 million in Q1 2023. The company attributes the profit to improved operational performance and cost control. The combined operating ratio also improved to 97%, compared to 110% in the same period in 2023, due to improvements in the Medical and Motor Takaful lines of business. The company's chairman mentioned the successful execution of the company's turnaround strategy since its 2022 merger and the potential for growth in the regional insurance and Takaful sector.

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

News Update From Watania International Holding PJSC

Disclosure: Financial statements for the 1st QTR of 2024

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

News Update From Watania International Holding PJSC

Disclosure: Results of Board of Director’s Meeting

On May 14, 2024, the Board of Directors of Watania International Holding (PJSC) met and approved the financial statements for the first quarter, which ended on March 31, 2024. In addition to this, they also discussed routine business matters. The meeting was authorized by Board Secretary, Nawal Ma’ally.

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

News Update From Watania International Holding PJSC

Disclosure: BOD meeting

On 9th May 2024, a notice was issued for a Board of Directors meeting for Watania International Holding (PJSC) to be held on 14th May 2024 at 2:00 PM. The agenda includes reviewing and endorsing the financial statements for the first quarter ended on 31 March 2024, and routine business discussions. The notice was signed by the Board Secretary, Nawal Ma’ally.

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

News Update From Watania International Holding PJSC

Disclosure: Notification from the company

The Chairman of Watania International Holding PJSC delivered a keynote at the Annual General Assembly Meeting, highlighting the company's growth and success in 2023. Despite challenging regional macroeconomic conditions, the company has emerged as a dynamic investment firm, with its subsidiaries holding a prominent position in the UAE's Takaful sector. This success is attributed to the transformation strategy implemented post-merger in 2022. The company's financial performance also improved, with a total income of AED 954,363,000 from Takaful activities in 2023, up from AED 820,181,000 in 2022. Shareholders' equity rose to AED 229,597,000, and the company achieved a net profit of AED 13,275,000, a significant improvement from the losses of AED 53,130,000 in 2022. Earnings per share also improved to AED 0.051.

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

News Update From Watania International Holding PJSC

Disclosure: The Results of the of General Assembly

The General Assembly Meeting of Watania International Holding (PJSC) took place on 24th April 2024, from 1:30PM to 2:30PM, chaired by Dr. Ali Saeed Bin Harmal Aldhaheri. The total attendance was 75.47%, distributed between 0.57% personal attendance and 74.9% proxy attendance. The assembly approved the Board of Directors' report on the company's activity and financial position for the fiscal year ended 31 December 2023. The Auditor's report for the same period was also approved. The Company's balance sheet and profit and loss account were discussed and approved. The Board of Directors' recommendation to refrain from distributing dividends to shareholders for the financial year ending 31 December 2023 was considered and approved. Lastly, a proposal for remuneration of the Board members for the fiscal year ended 31 December 2023 was approved.

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

News Update From Watania International Holding PJSC

Disclosure: Invitation of General Assembly

The Board of Directors of Watania International Holding (PJSC) has invited shareholders to the Annual General Assembly Meeting. The agenda includes approval of the company's activity and financial position for the fiscal year ended 31 December 2023, approval of the auditor's report, balance sheet, and profit and loss account. The Board's recommendation to refrain from distributing dividends to shareholders for the same period will also be discussed. The meeting will also consider a proposal for remuneration of Board members, discharge the Board and external auditors from their liabilities, and appoint the external auditors for 2024. The meeting will also ratify the appointment of Mr. Rashid Mahboob Ali Musabeh Al Qubaisi as a successor to Mr. Shahab Lutfi Al Hormozi. Shareholders can register either physically or electronically. The meeting will be held on Wednesday, 24 April 2024.

1. Attached Document 2. Attached Document

Dubai Financial Market News

Dubai Financial Market News

News Update From Watania International Holding PJSC

Disclosure: Integrated report for the year 2023

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

News Update From Watania International Holding PJSC

Disclosure: Detailed analysis of the accumulated losses

Watania International Holding PJSC has reported accumulated losses of AED 45.9M, which amounts to 17.67% of its paid-up capital. The losses are primarily due to an exceptional loss of AED 53 million in FY22, attributed to one-off merger costs, increased hospital utilization post-Covid, and market pricing pressures during the pandemic. However, the company has initiated a successful turnaround strategy in 2023, driven by the integration process following a merger in July 2022, and leveraging opportunities from consolidated operations. The company managed to close the financial year 2023 with a profit of AED13.3M.

1. Attached Document

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