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Aman profits surge 7,623 per cent
DUBAI — Dubai Islamic Insurance and Reinsurance Company (AMAN) has announced that its net profits for 2004 have increased by 7,623 per cent to Dh8.62 million from Dh111,000 in 2003.
According to preliminary figures revealed to the Securities and Commodities Authority and Dubai Financial Market, the company's stock earning increased 14.3 per cent to Dh68.7 million in 2004 from Dh60.1 million for 2003.
The assets of the company grew by 48 per cent to Dh100.6 million compared to Dh68 million last year. The value of insurance premiums paid increased by 234 per cent in the period to Dh53.5 million.
Due to the company's outstanding performance, the Board of Directors have recommended distribution of Dh6 million which is equivalent to 10 per cent of the company's capital as a cash dividend. Several groups of investors have a stake in AMAN, including The Investment Office, Dubai Islamic Bank and retail investors.
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