Successful execution of significant & sustainable measures to support a return to normal levels of profitability in 2023
Watania International Holding PJSC (‘WIH’, the ‘Company’ or the ‘Group’), reported today its interim consolidated financial statements for the financial year 2023.
Financial Updates (H1 2023):
Financial Reporting Considerations:
Dr. Ali Saeed Bin Harmal Aldhaheri, Chairman, WIH said:
“We are committed to the diligent execution of our strategy to turn around the Company’s performance. During the first half of the year, we saw the positive and steady benefits of the corrective measures taken since the merger, including ensuring that previously incurred one-time off expenses do not occur again this year. Targeted initiatives were also implemented to significantly reduce the losses while realizing approximately AED20 million in net cost synergies from the merger and achieving better investment yields in 2023.
Looking into the future, the Company is well positioned both operationally and strategically to achieve recovery and a return to more normal levels of profitability in 2023 while creating value for all stakeholders including the esteemed shareholders.”
Operational Highlights (Q2 2023):
Mr. Gautam Datta, CEO, WIH commented:
“The execution of our clear strategy for the holding company is progressing at pace with stable performance following the corrective measures taken since the merger completion in July 2022. This includes the implementation of sustainable initiatives to reduce the net losses significantly and lower expenses as compared to the previous year while benefiting from the merger-related synergies.
We also continued our focus on the ongoing development of our technology systems to be better fit for purpose and scalable, streamlining our distribution networks and leveraging our enhanced capacity to further develop our services to customers and business partners.
For our Takaful operating companies, Watania Takaful General and Watania Takaful Family, we continued to optimize our pricing mechanisms, reorganize the claims processing methods, and continuously evaluating our reinsurance partnerships. At the same time, we regularly monitored the market to explore organic and inorganic opportunities stemming from positive demand trends for Takaful products particularly for the Family Takaful segment which offers options for savings-linked family Takaful plans and pension products.
Pleasingly during the period, the two companies capitalized on increasing market potential and their strong value proposition that is more customer-centric, focused on high-quality customer servicing and a responsive approach. The success of this approach was demonstrated in the ability of both companies to maintain their track record of strong partnerships, high customer retention, cross-product growth and new business wins.”