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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.

ITHMAAR HOLDING B.S.C. has released its condensed consolidated interim financial information for the period ending on 30 June 2024.

This document has been prepared in accordance with the disclosure requirements of the SCA Board of Directors’ Decision No. (32/R.M.) of 2019, concerning procedures for companies listed on the market with accumulated losses amounting to 20% or more of their paid-up capital. Companies must comply with the decision's provisions when accumulated losses reach 50% or more of their paid-up capital. Date: 13 August 2024 Listed Company: Ithmaar Holding B.S.C. Financial Period: Q2 2024 Value of Accumulated Losses: USD 834.67 million Accumulated Losses to Paid-Up Capital Ratio: 110% The accumulated losses before reorganization were 68.8% in December 2016, mainly due to impairment provisions from non-core investments resulting from financial crises. In 2018, early adoption of FAS30 (AAOIFI equivalent of IFRS9) led to additional impairment provisions, increasing the accumulated losses percentage to 98%. In 2020, accumulated losses rose by $87.5 million due to the economic impact of Covid-19. In 2021, losses decreased by $35.0 million due to net income attributable to shareholders. In 2022, losses increased by $29.9 million due to net losses attributable to shareholders. In 2023, losses increased by $9.3 million for the same reason. In 2024, losses decreased by $3.4 million due to net profit attributable to shareholders. The Board of Directors is currently working on various initiatives to address the accumulated losses, including an asset sale and/or restructuring plan to improve capital and strengthen the company’s consolidated equity.

Ithmaar Holding B.S.C. announced that its Board of Directors held a meeting on Tuesday, August 13, 2024, at 1 PM, during which the financial results for the period ending June 30, 2024, were approved.

Emirates Investment Bank P.J.S.C. has released its interim condensed financial information for the six-month period ending on June 30, 2024.