Dubai – Mubasher: Islamic Arab Insurance Co (Salama) turned profitable in the first quarter of 2017 as compared to the same period of last year, according to a bourse statement.
The company generated net profits of AED 6.64 million ($1.81 million) in Q1-17, against losses of AED 91.7 million ($24.96 million) in Q1-16
Revenues generated from investments rose 41.7% to AED 11.31 million in Q1-17, compared to AED 7.98 million in Q1-16.
Insurance revenues reached AED 36.51 million in Q1-17, against losses of AED 68.59 million in Q1-16.
General and administrative expenses fell 9.3% to AED 28.76 million in Q1-17, compared to AED 31.69 million in Q1-16.
