Al Ahlia Insurance announces highly impressive results

The business achieved a net profit of BD 2,320,243, in comparison with BD 919,537 the previous year, an astounding growth of 152%

In 2005, Al Ahlia's gross premium grew to BD 7,110,995 from BD 6,753,428 in 2004, while its net earned premium was proclaimed at BD 2,355,737, a 23% increase from the BD 1,915,594 figure announced the previous year.

"We are very pleased with Al Ahlia's performance in 2005. The company is growing from strength to strength and we plan to strive towards another impressive performance in 2006",

said Hussain Sajwani, Chairman of Al Ahlia insurance.

Through its outstanding performance, Al Ahlia increased shareholders' equity from BD 6,679,091 in 2004 to BD 11,182,003 in 2005, a notable surge of 66%.

"Our ultimate aim is to provide our shareholders with the piece of mind that they are part of a highly profitable organization. The results that we announced in 2005 prove that our company is on solid ground with substantially high growth potential", added Sajwani.

Al Ahlia is part of the multi-billion dollar conglomerate DAMAC Holding, one of the largest business groups in the region, with operations in 16 countries and a 5000-strong employee portfolio. DAMAC has grown over the last 22 years from a local catering entity into an international conglomerate whose activities encompass property development, insurance, manufacturing, education, securities, investment and commercial trading.