Al-Wathba National Insurance reports 61 percent net profit drop
United Arab Emirates (UAE)-based Al-Wathba National Insurance reported a 61 percent drop in net profits for the first nine months of 2003 compared to the same period last year. Net profits totaled four million Emirati dirhams ($1.08 million) for the first three quarters of the year.
Earnings Per Share (EPS) dropped to Dh 0.07 from Dh 0.11 from January to September and company assets grew to Dh 171.49 million during the same period September from Dh 125.32 million last December.
Al-Whathba was founded in 1996 as a public joint stock company. With a capital of Dh 60 million, the company provides all classes of general insurance. — (menareport.com)
© 2003 Mena Report (www.menareport.com)