ADNIC records $36.3mln net profit before tax in Q1
It reported a net profit before tax of AED133.3 million, marking a 19.2 percent increase compared to the same period in 2024 as a result of strong underwriting and investment performance.
ADNIC swiftly completed its integration and rebranding efforts following the successful acquisition of a 51 percent stake in Allianz Saudi Fransi Cooperative Insurance Company (ASF) in 2024. ASF now operates as Mutakamela Insurance Company, under ADNIC's strategic direction, reinforcing ADNIC's presence in Saudi Arabia and supporting the company's ambition to be a leading insurance player across the GCC.
Mutakamela's performance is fully consolidated into the Group's financial results from the effective date of the acquisition and will continue to contribute to ADNIC's long-term growth.
Commenting on ADNIC's performance, Sheikh Mohamed bin Saif Al-Nahyan, Chairman of ADNIC, said, 'ADNIC began 2025 strong, where we built upon our momentum in 2024 to achieve solid growth across our core businesses, while maintaining robust underwriting discipline. Despite ongoing macroeconomic and industry-specific challenges, the Group continues to demonstrate resilience and agility.
"Our recent strategic expansion efforts in Saudi Arabia continue to reflect our aspiration of becoming the leading insurance provider across the region.'
Charalampos Mylonas, Chief Executive Officer of ADNIC, said, "We made the best possible start to the year, delivering strong financial results supported by resilient underwriting, cost discipline, and strategic expansion.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Business
3 hours ago
- Arabian Business
PIF launches Tasama to boost Saudi entrepreneurship and tech ecosystem
Saudi Arabia's Public Investment Fund (PIF) has officially launched Tasama Business Services Company, a national platform aimed at transforming the Kingdom's business services landscape and accelerating growth across both public and private sectors. The launch follows the merger of BIAC—a startup incubator and accelerator formerly owned by TAQNIA, another PIF portfolio company—with the PIF's Shared Services Centre, creating a new national champion for integrated business services. Tasama will offer a comprehensive suite of services for startups in Saudi Arabia, including: Accounting and financial support Human resources and procurement services Digital solutions and innovation platforms Startup incubation and acceleration Workspace and co-working solutions PIF launches Tasama in Saudi Arabia The company is designed to support local businesses in both their startup and growth phases while also enabling international companies headquartered in Saudi Arabia to operate more efficiently. Tasama CEO Mohammed bin Nasser Al-Jasser said the company seeks to elevate the business services sector as a strategic industry in the Kingdom and actively contribute to economic diversification by supporting vital sectors. He emphasized the company's commitment to fostering innovation, empowering national talent, and developing Saudi capabilities, building on the achievements of BIAC in the public and private sectors. He added that Tasama aims to play a pivotal role in developing the business services sector, becoming a key partner in shaping its future and promoting the growth of the technology ecosystem and business environment in the Kingdom. The launch aligns with the PIF's strategic ambitions to diversify Saudi Arabia's economy, strengthen its technology and business ecosystems, and enhance private sector participation. Tasama will also help attract and support foreign companies establishing their regional headquarters in the Kingdom—a key goal under the government's regional HQ programme.
Arabian Business
7 hours ago
- Arabian Business
Saudi Arabia tops global ranking for tourism spending growth in Q1 2025
Saudi Arabia has been ranked first in the world for the growth of international tourism receipts in the first quarter of 2025, compared to the same period in 2019, according to the World Tourism Barometer published by UN Tourism in May. The Kingdom also placed third globally in the growth of international tourist arrivals and second in the Middle East, reaffirming its emergence as a major force in global tourism. In Q1 2025, Saudi Arabia recorded a 102 per cent increase in international tourist arrivals compared to Q1 2019—an extraordinary figure that far exceeds: The global average of just 3 per cent The Middle East regional average of 44 per cent Saudi tourism boom The data underscores Saudi Arabia's rapid transformation into a leading global tourism destination, driven by major investments in infrastructure, hospitality, cultural attractions, and regulatory reforms under Saudi Vision 2030. Officials say this growth highlights the country's unwavering commitment to diversifying its economy and becoming a top choice for international travellers. From record-breaking visitor numbers to the rise of mega-projects like NEOM, The Red Sea, and Diriyah Gate, the Kingdom continues to reshape its tourism landscape and redefine its place on the global travel map.
Khaleej Times
11 hours ago
- Khaleej Times
Why the UAE's story at World Expo matters to the world
Fifty-five years ago, Abu Dhabi participated in its first World Expo in Osaka in 1970 with quiet ambition and a clear message: we are ready to engage with the world. Today, the UAE is back in Osaka not as observers, but as convenors, collaborators and catalysts of change. Expo 2025 is not just a global gathering; it is a proving ground for shared progress. The UAE Pavilion stands as a working model of what it means to lead with purpose, build with vision and partner with humility. World Expos have evolved. They are no longer stages for grand statements alone. They are now incubators of cooperation, places where policy meets creativity, and where nations test ideas that might shape the global future. This evolution mirrors the UAE's own journey, from a newly formed federation to a nation that places innovation, sustainability and human potential at the heart of its identity. Our experience as the host nation of Expo 2020 Dubai marked a defining moment in the UAE's global engagement. For six months, we welcomed visitors from across the world, creating a platform that celebrated innovation, culture and cooperation across 192 participating countries. Expo 2020 was not only the first World Expo to be held in the Middle East, Africa, and South Asia region, but also a demonstration of how the UAE brings together ambition and inclusion on a global scale. That legacy lives on through our participation in Expo 2025 Osaka, where we continue the dialogue we began on home soil The theme of the UAE Pavilion, Earth to Ether, captures our philosophy. It represents the nation's commitment to empowering life across every spectrum: from tangible environmental action to boundless ambition in space exploration. The Pavilion's three narrative zones, Explorers of Space, Catalysts of Healthcare, and Stewards of Sustainability, are not static exhibitions. They are dynamic stories of people and partnerships building the future. Take our journey into space. The UAE was the first Arab nation to reach Mars. But beyond that achievement lies purpose. The data from the Emirates Mars Mission is freely shared with the global scientific community. As a founding member of Nasa's Artemis Accords and a core contributor to the Gateway project, the Moon's future orbital station, the UAE is shaping the future of space not in isolation but in solidarity. This is diplomacy through science and it is being showcased live at the pavilion. In healthcare, our story begins with necessity but now drives global innovation. With partnerships ranging from Kyoto University to the World Health Organisation, the UAE is investing in genomic research, preventative medicine and AI-powered diagnostics. Through institutions like PureHealth, M42, and the Abu Dhabi Biobank, we are developing healthcare systems designed not just to treat, but to predict and personalise care. Our efforts on sustainability are deeply rooted in tradition. The Pavilion's architecture is inspired by the date palm tree, a symbol of resilience and generosity, and reimagined through cutting-edge circular design. Constructed from cross-laminated timber using Japanese joinery techniques, the Pavilion is demountable and sustainable by design. But the symbolism is greater than structure. Our ancestors built with what they had. We now build for what the world needs. Yet what truly distinguishes this Pavilion is not the design or technology, but the spirit within. Youth Ambassadors warmly welcome visitors, showcasing hospitality shaped by generations of Emirati culture. Artists, performers, scientists and artisans have transformed the space into a vibrant, living experience. Our values of openness, resilience and ambition are brought to life through human connection. In a time of geopolitical tension, climate anxiety and digital fragmentation, the UAE's story offers something essential: a model of balanced modernity. Here is a nation that embraces progress without abandoning its identity, that celebrates diversity while preserving its roots and that seeks global relevance without demanding conformity. And this is precisely why the UAE's story at Expo 2025 matters. It is not about projecting an image; rather, it is about proposing a pathway — one that is collaborative, grounded and future-facing; one where space missions serve Earth, where sustainability is integrated into everyday life and where diplomacy is practised through architecture, education and shared discovery. The UAE Pavilion is also a tribute to the deep and enduring relationship between the UAE and Japan. This partnership, built on decades of trust and trade, now expands into co-innovation in energy, healthcare, logistics and sustainability. At Expo 2025, we are not just neighbours on the Expo map. We are partners in purpose. As Commissioner General and as Ambassador of the United Arab Emirates to Japan, I have had the privilege of witnessing how Japanese visitors engage with the Pavilion. What resonates with them is not grandeur. It is sincerity. Not scale, but substance. It is in these moments of connection that the true success of an Expo lives. We are now past the opening fanfare. The Pavilion is alive with questions, conversations, and curiosity. The next phase of our Expo journey is to turn engagement into collaboration and collaboration into legacy. Already, new ideas are emerging, from educational exchanges and business partnerships to sustainability pilots and joint research. We invite the world to join us in shaping what comes after Expo. The UAE's participation at Expo 2025 Osaka is not just an exhibit. It is an invitation to engage with us, collaborate with us and co-create a future that serves all life, from the Earth to the ether. That is why our story matters and we are proud to tell it once again in Osaka.
