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Board of Directors’ Report Q3 2020
Financial Statements – Q3 2020 – Arabic
Financial Statements – Q3 2020 – English
Board of Directors’ Report Q2 2020
Financial Statements – Q2 2020 – Arabic
Financial Statements – Q2 2020 – English
Board of Directors’ Report Q1 2020
Financial Statements for Q1, 2020 – Arabic
Financial Statements for Q1, 2020 – English
For the Year Ended 31st December 2015
Assets | 2015 AED |
2014 AED |
---|---|---|
Cash and Bank Balance | 173,033,899 | 165,154,749 |
Insurance and other receiveables | 368,031,104 | 376,054,137 |
Reinsurance Contract Assets | 216,007,849 | 238,628,865 |
Available for sale Financial Assets | 56,146,140 | 57,129,716 |
Statutory Deposits | 6,000,000 | 6,000,000 |
Investment Properties | 924,540,601 | 948,940,601 |
Property and Equipment | 5,010,458 | 6,199,362 |
Total Assets | 1,748,770,051 | 1,799,107,430 |
Liabilities and Shareholders Equity Liabilities | ||
Insurance and other Payables | 190,284,368 | 221,782,314 |
Insurance Contract Liabilities | 472,777,068 | 460,627,071 |
Bank Borrowings | 440,350,671 | 505,180,696 |
Provisions for Employees End of Service Indemnity | 30,587,498 | 29,283,464 |
Total Liabilities | 1,133,999,605 | 1,216,963,545 |
Shareholders Equity | ||
Share Capital | 250,000,000 | 250,000,000 |
Statutory Reserve | 101,971,785 | 298,557,807 |
General Reserve | 200,000,000 | 200,000,000 |
Cumulative Changes in Fair Value of Available for Sale Financial Assets | (12,525,275) | (11,012,049) |
Retained Earnings | 705,323,936 | 44,598,127 |
Total Shareholder’s Equity | 5,010,458 | 6,199,362 |
Total Liabilities and Shareholders Equity | 1,748,770,051 | 1,799,107,430 |
Consolidated Income Statement | ||
Earned Premiums | 618,399,405 | 548,422,667 |
Reinsurance premiums ceded | (331,830,351) | (322,432,952) |
Net earned premiums | 286,569,054 | 225,989,715 |
Gross claims incurred | (467,944,028) | (441,674,223) |
Insurance claims recovered from reinsurers | 152,784,035 | 186,563,607 |
Net claims incurred | (315,159,993) | (255,110,616) |
Gross commission earned | 110,256,642 | 102,488,478 |
Less: commission incurred | (19,533,037) | (17,619,831) |
Net commission earned | 90,723,605 | 84,868,647 |
Underwriting profit | 62,132,666 | 55,747,746 |
General and administrative expenses and provision for doubtful debts relating to underwriting activities | (46,774,809) | (37,528,984) |
Net underwriting profit | 15,357,857 | 18,218,762 |
Net investment income | 42,985,694 | 37,177,099 |
Finance costs | (17,787,889) | (22,690,916) |
Non-operating general and administrative expenses | (6,415,875) | (6,389,356) |
Profit for the year | 34,139,787 | 26,315,589 |
Basic and diluted earnings per share | 0.14 | 0.11 |
Consolidated statement of comprehensive income | ||
Profit for the year | 34,139,787 | 26,315,589 |
Other comprehensive income Items that may be reclassified subsequently to profit or loss |
||
Unrealised loss on revaluation of available-for-sale financial assets recognised directly in equity | (5,513,226) | (146,062) |
Transfer to consolidated income statement | ||
Reclassification adjustment relating to available-for sale investment impaired during the year | 4,000,000 | 5,000,000 |
Other comprehensive (loss) / income for the year | 1,513,226 | 4,853,938 |
Total comprehensive income for the year | 32,626,561 | 31,169,527 |
For the Year Ended 31st December 2014
Departmental Profits | 2014 DH ‘ 000 |
2013 DH ‘ 000 |
---|---|---|
Accident & Liability | 15,473 | 6,218 |
Fire & General | 2,373 | 759 |
Marine & Aviation | 7,711 | 6,323 |
Other Kind of Insurance | 9,556 35,113 |
8,575 21,875 |
Other Income | 47,178 | 30,908 |
Other Expenses | (29,080) | (42,411) |
Net Profit for the Period | 53,211 | 10,372 |
Basic Earnings Per Share | 0.21 | 0.04 |
US $ 1.00 = DH. 3.675 |
Current Assets | 31st Dec. 2014 DH ‘ 000 |
31st Dec. 2013 DH ‘ 000 |
---|---|---|
Cash and Bank Deposits | 164,757 | 143,733 |
Insurance and other receivables | 402,380 | 540,261 |
Reinsurance Contract Assets | 209,306 | 256,366 |
Total Current Assets | 776,443 | 940,360 |
Non – Current Assets | ||
Investment Property | 953,941 | 946,765 |
Tangible Assets | 6,199 | 6,445 |
Investment in Securities | 57,130 | 53,342 |
Investment in Associate | – | – |
Statutory Deposit | 6,000 | 6,000 |
Total Non – Current Assets | 1,023,270 | 1,012,552 |
Total Assets | 1,799,713 | 1,952,912 |
Current Liabilities | ||
Total Creditors | 382,659 | 595,845 |
Insurance Contract Liabilities | 361,028 | 406,064 |
Total Current Liabilities | 743,687 | 1,001,909 |
Non-Current Liabilities | ||
Long Term Loan | 359,926 | 302,090 |
Provision Employee’s EOS indemnity & provident fund | 29,284 | 32,373 |
Retention Payable | 5,396 | 8,184 |
Total Non-Current Liabilities | 394,606 | 342,647 |
Total Liabilities | 1,138,293 | 1,344,556 |
Shareholders’ Equity | ||
Share Capital | 250,000 | 250,000 |
Statutory Reserve | 100,058 | 94,737 |
General Reserve | 200,000 | 200,000 |
Change in Fair Value of Securities | (16,012) | (15,866) |
Retained Earnings | 127,374 | 79,485 |
Shareholders’ Fund | 661,420 | 608,356 |
Total Liabilities and Shareholders’ Equity | 1,799,713 | 1,952,912 |
For the Year Ended 31st December 2013
Departmental Profits | 2013 DH ‘ 000 |
2012 DH ‘ 000 |
---|---|---|
Accident & Liability | 6,218 | 31,598 |
Fire & General | 759 | 1,168 |
Marine & Aviation | 6,323 | 13,903 |
Other Kind of Insurance | 8,575 21,875 |
2,356 49,025 |
Other Income | 30,908 | 4,121 |
Other Expenses | (42,411) | (36,033) |
Net Profit for the Period | 10,372 | 17,113 |
Basic Earnings Per Share | 0.04 | 0.07 |
US $ 1.00 = DH. 3.675 |
Current Assets | 31st Dec. 2013 DH ‘ 000 |
31st Dec. 2012 DH ‘ 000 |
---|---|---|
Cash and Bank Deposits | 143,732 | 138,809 |
Insurance and other receivables | 540,261 | 440,802 |
Reinsurance Contract Assets | 256,366 | 192,245 |
Total Current Assets | 940,359 | 771,856 |
Non – Current Assets | ||
Investment Property | 946,765 | 957,662 |
Tangible Assets | 6,445 | 8,379 |
Investment in Securities | 53,343 | 73,262 |
Investment in Associate | – | 17,624 |
Statutory Deposit | 6,000 | 6,000 |
Total Non – Current Assets | 1,012,553 | 1,062,927 |
Total Assets | 1,952,912 | 1,834,783 |
Current Liabilities | ||
Total Creditors | 595,845 | 554,200 |
Insurance Contract Liabilities | 406,064 | 336,334 |
Total Current Liabilities | 1,001,909 | 890,534 |
Non-Current Liabilities | ||
Long Term Loan | 302,090 | 292,990 |
Provision Employee’s EOS indemnity & provident fund | 32,373 | 31,210 |
Retention Payable | 8,184 | 11,184 |
Total Non-Current Liabilities | 342,647 | 335,384 |
Total Liabilities | 1,344,556 | 1,225,918 |
Shareholders’ Equity | ||
Share Capital | 250,000 | 250,000 |
Statutory Reserve | 94,737 | 93,700 |
General Reserve | 200,000 | 200,000 |
Change in Fair Value of Securities | (15,866) | (17,775) |
Retained Earnings | 79,485 | 82,940 |
Shareholders’ Fund | 608,356 | 608,865 |
Total Liabilities and Shareholders’ Equity | 1,952,912 | 1,834,783 |
For the Year Ended 31st December 2010
Departmental Profits | 2010 DH ‘ 000 |
2009 DH ‘ 000 |
---|---|---|
Accident & Liability | 43,576 | 55,083 |
Fire & General | 4,442 | 6,127 |
Marine & Aviation | 13,724 | 17,047 |
Other Kind of Insurance | 16,369 78,111 |
19,822 98,079 |
Other Income/(Loss) | (9,828) | 23,171 |
Other Expenses | (24,703) | (20,525) |
Net Profit for the Period | 43,580 | 100,725 |
Basic Earnings Per Share | 0.17 | 0.40 |
US $ 1.00 = DH. 3.675 |
Current Assets | 31st Dec. 2010 DH ‘ 000 |
31st Dec. 2009 DH ‘ 000 |
---|---|---|
Cash and Bank Deposits | 196,929 | 194,007 |
Insurance and other receivables | 499,861 | 464,573 |
Reinsurance Contract Assets | 285,350 | 413,110 |
Total Current Assets | 982,140 | 1,071,690 |
Non – Current Assets | ||
Investment Property | 438,943 | 458,943 |
Properties under construction | 458,878 | 285,212 |
Tangible Assets | 9,017 | 9,017 |
Investment in Securities | 90,534 | 110,655 |
Investment in Associate | 27,122 | 31,110 |
Total Non – Current Assets | 1,024,494 | 894,937 |
Total Assets | 2,006,634 | 1,966,627 |
Current Liabilities | ||
Total Creditors | 601,945 | 459,366 |
Insurance Contract Liabilities | 451,547 | 598,533 |
Total Current Liabilities | 1,053,492 | 1,057,899 |
Non-Current Liabilities | ||
Long Term Loan | 260,906 | 192,267 |
Provision Employee’s EOS indemnity & provident fund | 30,146 | 27,668 |
Retention Payable | 33,065 | 21,122 |
Total Non-Current Liabilities | 324,117 | 241,057 |
Total Liabilities | 1,377,609 | 1,298,956 |
Shareholders’ Equity | ||
Share Capital | 250,000 | 250,000 |
Statutory Reserve | 89,452 | 85,094 |
General Reserve | 235,000 | 235,000 |
Change in Fair Value of Securities | (11,537) | (6,461) |
Proposed Dividend | – | – |
Retained Earnings | 66,110 | 104,038 |
Shareholders’ Fund | 629,025 | 667,671 |
Total Liabilities and Shareholders’ Equity | 2,006,634 | 1,966,627 |
For the Year Ended 31st December 2009
Departmental Profits | 2009 DH ‘ 000 |
2008 DH ‘ 000 |
---|---|---|
Accident & Liability | 55,083 | 71,334 |
Fire & General | 6,127 | (12,568) |
Marine & Aviation | 17,047 | 17,494 |
Other Kind of Insurance | 19,822 98,079 |
24,926 101,186 |
Other Income/(Loss) | 23,171 | (23,166) |
Other Expenses | (20,525) | (27,807) |
Net Profit for the Period | 100,725 | 50,213 |
Basic Earnings Per Share | 0.40 | 0.20 |
US $ 1.00 = DH. 3.675 |
Current Assets | 31st Dec. 2009 DH ‘ 000 |
31st Dec. 2008 DH ‘ 000 |
---|---|---|
Cash and Bank Deposits | 194,007 | 294,232 |
Insurance and other receivables | 464,573 | 444,391 |
Reinsurance Contract Assets | 413,110 | 563,823 |
Total Current Assets | 1,071,690 | 1,302,446 |
Non – Current Assets | ||
Investment Property | 744,155 | 354,888 |
Properties under construction | – | 256,490 |
Tangible Assets | 9,017 | 8,052 |
Investment in Securities | 110,655 | 116,132 |
Investment in Associate | 31,110 | 32,155 |
Total Non – Current Assets | 894,937 | 767,717 |
Total Assets | 1,966,627 | 2,070,163 |
Current Liabilities | ||
Total Creditors | 459,366 | 526,669 |
Insurance Contract Liabilities | 598,533 | 737,972 |
Total Current Liabilities | 1,057,899 | 1,264,641 |
Non-Current Liabilities | ||
Long Term Loan | 192,267 | 144,971 |
Provision Employee’s EOS indemnity & provident fund | 27,668 | 22,020 |
Retention Payable | 21,122 | – |
Total Non-Current Liabilities | 241,057 | 166,991 |
Total Liabilities | 1,298,956 | 1,431,632 |
Shareholders’ Equity | ||
Share Capital | 250,000 | 250,000 |
Statutory Reserve | 85,094 | 75,021 |
General Reserve | 235,000 | 235,000 |
Change in Fair Value of Securities | (6,461) | (11,676) |
Proposed Dividend | – | – |
Retained Earnings | 104,038 | 90,186 |
Shareholders’ Fund | 667,671 | 638,531 |
Total Liabilities and Shareholders’ Equity | 1,966,627 | 2,070,163 |
For the Year Ended 31st December 2008
Departmental Profits | 2008 DH ‘ 000 |
2007 DH ‘ 000 |
---|---|---|
Accident & Liability | 71,334 | 44,222 |
Fire & General | (12,568) | 611 |
Marine & Aviation | 17,494 | 14,826 |
Other Kind of Insurance | 24,926 101,186 |
17,237 76,896 |
Other Income | (23,166) | 95,827 |
Other Expenses | (27,807) | (11,998) |
Net Profit for the Period | 50,213 | 160,725 |
Earnings Per Share | 0.20 | 0.64 |
US $ 1.00 = DH. 3.675 |
Current Assets | 31st December. 2008 DH ‘ 000 |
31st Dec 2007 DH ‘ 000 |
---|---|---|
Cash and Bank Deposits | 294,232 | 256,623 |
Insurance and other receivables | 444,391 | 307,378 |
Reinsurance Contract Assets | 563,823 | 265,263 |
Total Current Assets | 1,302,446 | 829,264 |
Non – Current Assets | ||
Investment Property | 354,888 | 354,888 |
Properties under construction | 256,490 | 145,686 |
Tangible Assets | 8,052 | 4,962 |
Investment in Securities | 116,132 | 193,212 |
Investment in Associate | 32,155 | – |
Total Non – Current Assets | 767,717 | 698,748 |
Total Assets | 2,070,163 | 1,528,012 |
Current Liabilities | ||
Total Creditors | 526,669 | 272,234 |
Insurance Contract Liabilities | 737,972 | 405,762 |
Total Current Liabilities | 1,264,641 | 677,996 |
Non-Current Liabilities | ||
Long Term Loan | 144,971 | 93,849 |
Provision Employee’s EOS indemnity & provident fund | 22,020 | 19,258 |
Total Non-Current Liabilities | 166,991 | 113,107 |
Total Liabilities | 1,431,632 | 791,103 |
Shareholders’ Equity | ||
Share Capital | 250,000 | 250,000 |
Statutory Reserve | 75,021 | 65,574 |
General Reserve | 235,000 | 200,000 |
Change in Fair Value of Securities | (11,676) | 35,116 |
Proposed Dividend | – | – |
Retained Earnings | 90,186 | 186,219 |
Shareholders’ Fund | 638,531 | 736,909 |
Total Liabilities and Shareholders’ Equity | 2,070,163 | 1,528,012 |
For the Year Ended 31st December 2007
Departmental Profits | 2007 DH ‘ 000 |
2006 DH ‘ 000 |
---|---|---|
Accident & Liability | 44,231 | 35,951 |
Fire & General | 614 | 2,671 |
Marine & Aviation | 14,837 | 12,303 |
Other Kind of Insurance | 17,214 76,896 |
13,604 64,529 |
Other Income | 95,729 | 70,181 |
Other Expenses | (11,900) | (14,692) |
Net Profit for the Period | 160,725 | 120,018 |
Retained Profit Brought Forward | 41,567 | 46,600 |
Total Profit Available For Distribution | 202,292 | 166,618 |
Basic Earning Per Share | 0.64 | 0.48 |
US $ 1.00 = DH. 3.675 |
Non – Current Assets | 31st December. 2007 DH ‘ 000 |
31st December 2006 DH ‘ 000 |
---|---|---|
Property and Equipment | 4,962 | 5,180 |
Properties under Construction | 145,686 | 90,550 |
Investment Property | 354,888 | 318,186 |
Available-for-Sale Investment | 193,212 | 215,782 |
Total Non- Current Assets | 698,748 | 629,698 |
Current Assets | ||
Resinsurance Contract Assets | 265,263 | 226,850 |
Insurance and Other Receivables | 307,378 | 234,819 |
Bank balances and Cash | 256,623 | 160,796 |
Total Current Assets | 829,264 | 622,465 |
Total Assets | 1,528,012 | 1,252,163 |
Current Liabilities | ||
Insurance Contract Liabilities | 405,762 | 320,816 |
Insurance and Other Payables | 167,995 | 144,550 |
Bank Borrowings | 104,239 | 92,749 |
Total Current Liabilities | 677,996 | 558,115 |
Non-Current Liabilities | ||
Provision for Employee’s End of Service Indemnity and Provident Fund | 19,258 | 16,254 |
Long Term Loan | 93,849 | 68,115 |
Total Non-Current Liabilities | 113,107 | 84,369 |
Total Liabilities | 791,103 | 642,484 |
Shareholders’ Equity | ||
Share Capital | 250,000 | 225,000 |
Statutory Reserve | 70,000 | 49,502 |
General Reserve | 235,000 | 200,000 |
Proposed Dividend | 100,000 | 56,250 |
Proposed Bonus Shares | – | 25,000 |
Board of Director’s Remuneration | 1,800 | 1,800 |
Change in Fair Value of Securities | 35,115 | 10,560 |
Retained Earnings | 44,994 | 41,567 |
Shareholders’ Fund | 736,909 | 609,679 |
Total Liabilities and Shareholders’ Equity | 1,528,012 | 1,252,163 |
For the Year Ended 31st December 2006
Departmental Profits | 2006 DH ‘ 000 |
2005 DH ‘ 000 |
---|---|---|
Accident & Liability | 35,951 | 32,387 |
Fire & General | 2,671 | 380 |
Marine & Aviation | 12,303 | 10,778 |
Other Kind of Insurance | 13,604 64,529 |
10,962 54,507 |
Other Income | 70,335 | 191,109 |
Other Expenses | (14,846) | (9,441) |
Net Profit for the period | 120,018 | 236,175 |
Retained Profit Brought Forward | 46,600 | 42,225 |
Total profile Available for Distribution | 166,618 | 278,400 US $ 1.00 = DH. 3.675 |
As on 31st December 2006
Current Assets | 2006 DH ‘ 000 |
2005 DH ‘ 000 |
---|---|---|
Resinsurance Contract Assets | 226,850 | 230,084 |
Insurance and Other Receivables | 234,819 | 208,148 |
Bank balances and Cash | 160,796 | 159,950 |
Total Current Assets | 622,465 | 598,182 |
Non-Current Assets | ||
Property and Equipment | 5,180 | 3,832 |
Properties under Construction | 90,550 | – |
Investment Property | 318,186 | 332,354 |
Available-for-Sale Investment | 215,782 | 269,465 |
Total Non-Current Assets | 629,698 | 605,651 |
Total Assets | 1,252,163 | 1,203,833 |
Equity and Liabilities | ||
Current Liabilities | ||
Insurance Contract Liabilities | 320,816 | 315,101 |
Insurance and Other Payables | 144,550 | 139,024 |
Bank Borrowings | 92,749 | 11,166 |
Total Current Liabilities | 558,115 | 465,291 |
Non-Current Liabilities | ||
Provision for Employees’ End of Service Indemnity and Provident Fund |
16,254 | 14,217 |
Long Term Loan | 68,115 | 42,424 |
Total Non-Current Liabilities | 84,369 | 56,641 |
Total Liabilities | 642,484 | 521,932 |
Shareholders’ Equity | ||
Share Capital | 225,000 | 75,000 |
Statutory Reserve | 49,502 | 37,500 |
General Reserve | 200,000 | 170,000 |
Proposed Dividend | 56,250 | 37,500 |
Proposed Bonus Shares | 25,000 | 3150,000 |
Change in Fair Value of Securities | 10,560 | 163,501 |
Retained Earnings | 43,367 | 48,400 |
Shareholders’ Fund | 609,679 | 681,901 |
Total Liabilities and Shareholders’ Equity | 1,252,163 | 1,203,833 |