National Takaful Company (Watania) P.J.S.C. reported unaudited earnings results for the first quarter ended March 31, 2018. For the period, the company reported takaful income of AED 103,074,000 against AED 57,916,000 a year ago. Net takaful contributions were AED 65,416,000 against AED 41,603,000 a year ago. Net takaful contributions earned were AED 46,015,000 against AED 32,390,000 a year ago. Total takaful income was AED 47,864,000 against AED 33,459,000 a year ago. Net takaful income was AED 17,792,000 against AED 4,659,000 a year ago. Net income from takaful operations was AED 59,000 against net loss from takaful operations of AED 1,690,000 a year ago. Net profit was AED 3,568,000 against AED 33,000 a year ago. Earnings per ordinary share were AED 0.024 against AED 0.0002 a year ago. Net cash from operating activities was AED 31,762,000 against AED 616,000 a year ago. Purchase of property and equipment was AED 465,000 against AED 26,000 a year ago. Underwriting profit was AED 11,553,000 against AED 5,000,000 a year ago. Profit from insurance operations was AED 1,924,000 against loss of AED 1,498,000 a year ago. Net profit was AED 3,568,000 against AED 33,000 a year ago.

The company provided earnings guidance for fiscal year 2018. After posting strong underwriting results and net profit in 2017, the company started fiscal year 2018 journey on a positive note and is confident of maintaining the momentum during the remaining part of the year.