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Dubai-headquartered Sukoon, formerly known as Oman Insurance Company, has posted a decline in its net profit for 2023, about a year after it rebranded its business.
Net profit for the year reached 257.39 million dirhams ($70 million), slightly down by 0.74% from AED259.3 million in 2022, according to the company’s preliminary results posted on the Dubai Financial Market (DFM) on Thursday.
Sukoon’s total assets rose to AED8.8 billion in 2023 from AED7.6 billion in 2022. Insurance revenue also went up to AED4.6 billion from AED3.8 billion.
Insurance service expenses jumped by 32% to AED3.7 billion, from AED2.8 billion.
Net investment income for the year stood at AED189.7 million, up from AED126 million in 2022.
Earnings per share remained unchanged at AED0.56.
(Writing by Cleofe Maceda; editing by Brinda Darasha)
