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‘Watania International Holding’ announces net profit of Dh5.9 million in Q1-24

‘Watania International Holding’ announces net profit of Dh5.9 million in Q1-24
15 May 2024 13:19

DUBAI (WAM)

Watania International Holding (WIH) reported on Wednesday a net profit of Dh5.9 million in its preliminary consolidated results for the first quarter ended March 31, 2024.

The company issued a statement on Wednesday, in which it said that the combined operating ratio improved to 97 percent compared to 110 percent during the corresponding period in 2023.

This was achieved thanks to the significant improvements in the results of both Medical and Motor Takaful lines of business.

Chairman of WIH, Dr. Ali Saeed bin Harmal Aldhaheri, commented, “The company is increasingly well positioned with a flexible and scalable business model and solid infrastructure to capitalise on the substantial growth in the regional insurance and Takaful sector, which is expected to expand at a compound growth annual rate of 11.6% during 2023-2030.”

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