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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.
Resolution No. 348 of 2024 announces a temporary suspension of trading on the shares of Bank of Sharjah. The decision comes as a result of a coinciding Board of Directors meeting scheduled for 11:00 on 28-Mar-2024. The trading suspension will begin at 09:00 on the same day, and will last until the meeting results are received by ADX. The resolution instructs all department heads at ADX to execute this decision in their respective fields. It also mandates that the resolution be circulated to SCA, the concerned company, all departments at ADX, and all brokers accredited by ADX. The resolution was approved by the authorized person and was issued on 26/03/2024.
Resolution No. (347) of 2024 announces the temporary suspension of trading on the shares of Al Ain Alahlia Insurance Co. This decision is made in accordance with Article No. (16) of the Regulations concerning the listing of securities on ADX. The suspension will begin at 09:00 on 23-Apr-2024, coinciding with the company's AGM, and will continue until the results of the AGM are received by ADX. The resolution instructs all ADX department heads to execute this decision in their respective fields and mandates its circulation to SCA, the concerned company, all ADX departments, and all brokers accredited by ADX. The resolution was issued on 26/03/2024.
The 51st Annual General Assembly Meeting of the Abu Dhabi National Insurance Company (PJSC) took place on 25th March 2024, from 3:00pm to 4:00pm, at the ADNIC Building and via remote technology. The meeting was chaired by Sheikh Mohamed bin Saif Al-Nahyan, and 65.44% of the company's capital was represented. The assembly approved the appointment of Mr. Omar Khedr as AGM Secretary and Mr. Moataz Al-Qadi as the Vote Collector. The board's report on the company's activity and financial position for the fiscal year ending on 31/12/2023 was approved, as was the Auditor's report for the same period.
Resolution No. 346 of 2024 announces the temporary suspension of trading on the shares of Al Buhaira National Insurance Company. The suspension is due to a Board of Directors meeting scheduled at 11:00 on 28-Mar-2024, which coincides with the trading session at ADX. Trading in ABNIC shares will be suspended from 09:00 on 28-Mar-2024 until ADX receives the meeting results. All heads of departments in ADX are instructed to execute this resolution in their respective fields. This resolution will be circulated to SCA, the concerned company, all departments at ADX, and all brokers accredited by ADX. The resolution was issued on 26/03/2024.