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Karachi: Shaheen Insurance Company Limited has announced its financial results for the half-year ending June 30, 2024, with notable growth in profits but no dividends or bonus shares issued.
The Board of Directors of Shaheen Insurance convened through a video link on August 28, 2024, at the company’s registered office, opting not to declare any cash dividends, bonus shares, or rights issues, focusing instead on sustaining operational progress. According to information available from the Pakistan Stock Exchange (PSX), the board also approved the financial results which indicated a steady rise in profitability.
For the six months ending June 30, 2024, the company reported a profit after tax of Rs. 82.50 million, a substantial increase from Rs. 45.45 million in the same period last year. Earnings per share also rose to Rs. 1.29 from Rs. 0.80. This performance is attributed to significant growth in net insurance premiums, which surged to Rs. 360.88 million from Rs. 216.84 million year-on-year.
Despite a challenging environment, Shaheen Insurance managed its expenses effectively. Net insurance claims and acquisition expenses totaled Rs. 237.87 million, up from Rs. 115.09 million, reflecting an increase in scale and scope of operations. Management expenses also saw a rise to Rs. 106.83 million from Rs. 91.45 million.
Investment income and other revenues contributed positively, with investment income reaching Rs. 61.02 million compared to Rs. 53.78 million in the previous year. Other income nearly tripled to Rs. 35.55 million from Rs. 6.44 million.
The company’s operational results were bolstered by its Takaful operations, where the participants’ Takaful Fund (PTF) saw a significant increase in contributions and investment income, reflecting a growing customer base and effective asset management.
The quarterly report, detailing the unconsolidated and consolidated financial statements, will be transmitted through PUCARS within the specified timeframe, ensuring transparency and regular updates to shareholders and market participants.
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