Watania International Holding PJSC

Watania International Holding (WIH) announced its preliminary consolidated financial results for FY23, marking the first operating profit since its merger in July 2022. The company saw a 12% increase in Takaful revenue, reaching AED 922 million, and a 162% increase in net investment income, amounting to AED 36 million. The company also reported net cost synergies of approximately AED 20 million from the merger and a net profit of AED 13.8 million, recovering from a net loss of AED 53.1 million in FY 2022. The company's turnaround strategy has put it in a strong financial position for FY24 and beyond.

The public joint shareholders company, Watania International Holding (previously known as Dar Al Takaful), was established on July 23, 2008. Their paid up, subscribed, and authorized capital is AED 260,156,250. The Chairman of the Board is Dr. Ali Saeed Sultan Bin Harmal Aldhaheri and the CEO is Gautam Datta. The external auditor for the company is Grant Thorton Audit and Accounting Limited (Dubai Branch). The company's contact information includes a mailing address in Dubai, UAE, a phone number, and an email address.

On 13th December 2023, Watania International Holding (PJSC) held a Board of Directors meeting which started at 01:30 PM. The meeting was primarily focused on discussing routine business matters. The authorized signatory for the meeting was the Board Secretary, Nawal Ma’ally.

On December 8, 2023, a notice was issued regarding a Board of Directors meeting for Watania International Holding (PJSC) scheduled for December 13, 2023, at 1:30 PM. The agenda includes routine business discussions. The notice was authorized and signed by Board Secretary, Nawal Ma’ally.

Watania International Holding PJSC (WIH), an investment holding company listed on the Dubai Financial Market, reported a steady performance in Q3 2023 despite regional macroeconomic uncertainty. The company's improved investment returns and larger asset base, due to a recent merger, contributed to this performance. WIH sees potential for rapid growth in the insurance market, particularly in the Takaful sector, with revenues expected to grow by a CAGR of 11.6% from 2023 to 2030. The company is focusing on improving the performance of its Takaful operations and optimizing its investments. The net loss for Q3 2023 was AED6.6M, down from a loss of AED26.5M in Q3 2022. Takaful revenue increased by 15.7% year-on-year, and investment income increased by 368% year-on-year.

Watania International Holding (WIH) has announced its Q3 2023 consolidated financial results, with notable progress in post-merger synergies and cost controls leading to a path towards normalized profitability. Key highlights include a 15.7% YoY growth in Takaful revenue, a 368% YoY increase in investment income to AED 30 million, and a significant reduction in net loss from AED 26.5 million in 9M FY 2022 to AED 6.6 million. The company's Chairman, Dr. Ali Saeed Bin Harmal Aldhaheri, noted the steady performance despite regional economic uncertainty, attributing it to improved investment returns, strong yields, and the larger asset base from the merger. He also highlighted the potential for rapid growth in the insurance market due to an increasingly risk-aware population in the GCC.

Watania International Holding has disclosed a detailed analysis of its accumulated losses, as per the SCA Board of Directors’ Decision No. (32/R.M.) of 2019. The company's accumulated losses amount to AED 58.2mn, which equates to 22.4% of its paid-up capital. The losses primarily resulted from a one-off merger cost of AED 55mn in FY22, increased hospital utilization post-Covid, and market pricing pressure during the pandemic. The company has initiated steps to address these losses, including the completion of a merger in July 2022 and a focus on benefiting from more normalized market conditions post-Covid. The company expects improved results in FY23 and aims to deliver long-term positive returns to its shareholders.

On 13th November 2023, the Board of Directors at Watania International Holding (PJSC) held a meeting. The board approved the financial statements for the third quarter that ended on 30th September 2023 and discussed routine business matters. The meeting was authorized by Nawal Ma’ally, the Board Secretary.