Watania International Holding PJSC

Watania International Holding PJSC (formerly Dar Al Takaful PJSC) is an investment holding company publicly traded on the Dubai Financial Market under the ticker DFM: WATANIA. As of June 30, 2024, the company has an authorized capital of 260 million AED and 260 million issued shares. The portfolio is broken down into various types of Takaful (insurance) contracts and asset types, with significant portions in Wakala deposits, equities, real estate, and Sukuk. Key shareholders include Mohammed Qusai Mohammed Alghussein, Ali Saeed Sultan Bin Harmal AlDhaheri, MB UAE Investments LLC, Magna Investment LLC, and Mohamed Sultan Mohamed Hashel Alkhyeli. The performance summary for H1 2024 shows liabilities and equity distribution, with 71% in total equity and 16% in other liabilities. Assets are divided among investment assets, cash and bank balances, receivables, Takaful assets, and PPE & intangible assets. Takaful revenue decreased from AED 457 million in H1 2023 to AED 389 million in H1 2024. Investment income also saw a decline from AED 22 million to AED 12 million in the same period. The profit/loss figures are not specified. The share volume and pricing fluctuated throughout the first half of 2024.

Watania International Holding has appointed Al Ramz Capital LLC as its liquidity provider, effective from August 15, 2024, following regulatory approvals. Al Ramz, a licensed market maker with over 25 years of experience in UAE capital markets, will independently trade Watania shares, aiming to optimize share trading by enriching the order book, minimizing trading spreads, and reducing price volatility. This move aligns with Watania's strategy to enhance market positioning and investor confidence. Both Watania's CEO, Gautam Datta, and Al Ramz's CEO, Karim Schoeib, expressed their commitment to fostering a dynamic and transparent trading environment.

Watania International Holding (WIH) reported a net profit of AED 7.9 million for the first half of 2024, a significant improvement from a loss of AED 3.9 million in the same period last year. The company's combined operating ratio (COR) improved to just under 100%, driven by strong performance in its Medical Takaful and Family Islamic insurance businesses. Despite large one-time claims due to unprecedented April rains in the UAE, WIH maintained overall profitability. Chairman Dr. Ali Saeed Bin Harmal Aldhaheri attributed the solid performance to the company's robust risk mitigation framework and successful turnaround strategy. WIH also launched its inaugural integrated annual and sustainability report for 2023 and continued to build strategic partnerships to support road safety and community wellbeing.

On 13 August 2024, Watania International Holding (PJSC) held a Board of Directors meeting starting at 12:00 PM. The board approved the financial statements for the second quarter ending on 30 June 2024 and discussed routine business matters. The meeting details were authorized by Nawal Ma’ally, the Board Secretary, and the document was signed and dated on the same day with the company’s seal.

Date: 8 August 2024 Ref: WIH-396-0808 Notification of Board of Director’s Meeting Company: Watania International Holding (PJSC) Meeting Date: Tuesday, 13 August 2024 Meeting Time: 12:00 PM Agenda: 1. Review and endorse the financial statements for the second quarter ended on 30 June 2024. 2. Routine business discussions. Authorized Signatory: Nawal Ma’ally, Board Secretary Signature and Date: 8 August 2024 Company’s Seal

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.

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.