Al Dhafra half-year net up marginally

A small growth in underwriting income helped Al Dhafra Insurance Co. earn a net profit of Dh19.7 million for the first half, compared with Dh19.5 million last year. Earnings per share (EPS) fell to Dh3.94 from Dh4.13.

The company earned a net profit of Dh24.0 million for the full year 2001. "We expect a higher net profit by the end of this year and an overall growth in assets although market conditions in the insurance sector are tough," said a senior official of the company.

While the net underwriting income went up to Dh21.6 million from Dh21.5 million, investment income decreased to Dh4.6 million from Dh5.4 million.

Total assets reached Dh252.5 million for the six months ending June, 2002, compared with Dh278.1 million as of end 2001. On the assets side, cash and bank balances dropped to Dh199.2 million from Dh231.1 million.

The value of investments reached Dh40.22 million in the first half compared with Dh32.9 million by December, 2001.

On liabilities, accumulated profits have grown to Dh18.5 million ending June, 2002, compared with Dh1.4 million ending December, 2001.

Al Dhafra has a paid-up capital of Dh50 million. The Abu Dhabi headquartered company has four branches in the UAE, one each in Abu Dhabi, Al Ain, Dubai and Sharjah.