Takaful Emarat – Insurance PJSC, a key player in innovative insurance services listed on the Dubai Financial Market (DFM), has successfully increased its capital to Dh210,652,000.
The milestone was achieved through a rights issue offered to existing investors, raising Dh185 million at Dh1.00 per share. This significant achievement highlights the strong confidence of shareholders and market participants in the company’s leadership and strategic goals.
This capital boost follows Takaful Emarat’s return to profitability, with the company reporting a net profit of Dh8.8 million in Q3 2024, a major improvement compared to a loss of Dh851,000 in Q3 2023.
The turnaround stems from decisive actions taken earlier in the year, including the write-off of accumulated losses under the guidance of the Board of Directors. These measures have established a firm foundation for sustainable growth, focusing on operational efficiency, transparency, and delivering cutting-edge insurance products and services.
Leadership Statements Reflect Confidence
Dr. Noor Atatreh, Chairman of the Board, stated:
“The completion of our capital increase marks a pivotal milestone for Takaful Emarat. It positions us to seize new opportunities, grow our market presence, and drive innovation in the Takaful insurance sector. This aligns perfectly with the UAE Government’s visionary policies that foster a forward-thinking business environment. Their unwavering support has been crucial to our growth and success.”
Adding to this, Ahmed Aboutaleb, Chief Investment Officer, emphasized:
“Our priority remains on implementing a strong investment strategy to address previous challenges and deliver sustainable progress. By surpassing the expectations of investors, partners, and clients, we aim to demonstrate improved financial performance and market strength in upcoming quarters, supported by the UAE’s stable and resilient economy.”
Driving Future Success
This achievement is a major step forward for Takaful Emarat and its stakeholders, paving the way for future growth and innovation in the Takaful insurance sector. With robust strategies and the UAE’s economic resilience, the company is set to enhance its financial standing and market position.
