Salama Reports AED 256 Million in Q1 2025 Revenue, Reinforces Growth Strategy Amid Strengthened Balance Sheet
Salama Islamic Arab Insurance Company (DFM: SALAMA), a leading regional Takaful provider, has announced its financial results for the first quarter of 2025, reporting AED 256.36 million in revenue and a notable improvement in its overall financial position, highlighting the success of its renewed strategic direction.
Despite a decrease in Q1 2025 net profit to AED 0.39 million compared to AED 17.6 million in Q1 2024, the prior year's figure included a one-off gain of AED 19.4 million. Excluding this exceptional item, the company’s core performance demonstrates resilience. Furthermore, total comprehensive income rose to AED 4.07 million, reversing a loss of AED 23.1 million in the same period last year, driven by favorable foreign currency movements in key subsidiaries.
Salama’s total assets reached AED 3.164 billion, with equity growth supported by the appreciation of the Algerian Dinar and Egyptian Pound — indicators of macroeconomic recovery in key markets. These figures underscore Salama’s stronger balance sheet and reinforce investor confidence.
H.E. Fahad AlQassim, Chairman of Salama, commented:
“Salama remains firmly committed to driving sustainable growth and delivering world-class, Shariah-compliant insurance solutions. With legacy issues resolved and a strengthened balance sheet, Q1 2025 marks a period of strategic renewal. We are focused on long-term value creation, customer satisfaction, employee empowerment, and meaningful societal impact.”
The results come as Group CEO Mohamed Ali Boubane continues to implement Salama’s transformation agenda, introducing disciplined underwriting, operational efficiency, and digital innovation across operations in Egypt, Algeria, and Bahrain.
Boubane stated:
“Our focus is customer-first as we drive forward with digitalisation and market expansion. With our experienced team and strong regional footprint, we are confident in unlocking future growth and reinforcing Salama’s leadership in the Takaful industry.”
Supporting Salama’s forward momentum, S&P Global Ratings reaffirmed the company’s long-term issuer credit and insurer financial strength rating at ‘BBB-’ with a Developing outlook, reflecting the company's steady operational progress and long-term growth potential.
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