Takaful Emarat announces successful capital increase, reaching Dh210 million
Takaful Emarat – Insurance PJSC, a prominent provider of innovative insurance solutions listed on the Dubai Financial Market (DFM), proudly announces the successful completion of its capital increase, bringing the total capital to Dh210,652,000. This landmark achievement was realised through a rights issue offered to existing investors, raising Dh185 million at an issuance price of Dh1.00 per new share. The success of this initiative reflects the strong confidence of shareholders and the market in the company's leadership and strategic direction.
This capital increase comes on the heels of Takaful Emarat's return to profitability. The company recorded a net profit of Dh8.8 million in Q3 2024, a remarkable turnaround from a loss of Dh851,000 during the same period in 2023. This positive shift is attributed to decisive measures taken earlier in the year, including the write-off of accumulated losses as part of a broader initiative spearheaded by the Board of Directors. These efforts have established a solid foundation for sustainable growth, driven by operational enhancements, improved transparency, and the delivery of cutting-edge products and services.
Dr Noor Atatreh, chairman of the board, emphasised the significance of this achievement, stating:"The successful completion of our capital increase marks a pivotal milestone for Takaful Emarat, enabling us to capitalise on emerging opportunities, expand our market presence, and foster innovation within the Takaful insurance sector. This accomplishment aligns with the UAE Government's visionary policies, which have created a dynamic and forward-thinking business environment. Their unwavering support has been instrumental in our success and growth."
Echoing this sentiment, Ahmed Aboutaleb, chief investment officer, highlighted the company's commitment to its stakeholders: "Our focus remains on implementing a robust investment strategy that addresses past challenges while delivering sustainable progress. By exceeding the expectations of our investors, partners, and clients, we are confident in showcasing improved financial performance and a strengthened market position in the coming quarters, supported by the UAE's economic resilience and stability."
This milestone represents a significant step forward for Takaful Emarat and its stakeholders, setting the stage for continued success and innovation within the Takaful insurance sector.
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