Industry Article

Amana Takaful Maldives has announced the declaration of dividends for the year 2022. During the 12th Annual General Meeting held on the 22nd May 2023, shareholders approved a final dividend of 15% on the face value of each share. The total amount of this dividend is MVR3.95 million (US$255,819). When combined with the interim dividend paid in November 2022, the total dividend for the year 2022 amounts to MVR6.58 million (US$426,150). The books for dividend distribution were closed on the 10th May 2023, and only shareholders registered on or before that date are eligible to receive the dividends. According to Section 55(a)(4) of the Income Tax Act (Law No 25/2019), the company is required to deduct 10% from the dividends paid to non-resident shareholders. If it is unclear whether a shareholder is a resident in the Maldives, they will be treated as a non-resident, and the company will deduct a non-resident withholding tax of 10% from their dividend payment. Shareholders are encouraged to update their residency status with the company. On the 13th May 2023, the Islamic Corporation for the Development of the Private Sector (ICD) and Amana Takaful Maldives signed an MoU to establish a collaborative partnership.

Amana Takaful Maldives (Amana Takaful) has announced its interim dividend payment to its shareholders for the year 2017 based on its commendable performance. Amana Takaful reported a profit of MVR4.8 million (US$307,625) in the first seven months, ending July 2017, compared to a growth of 21% over the same period in 2016. In addition, gross written premiums worth MVR80 million (US$5.13 million) were recorded, showing a notable growth with higher volumes in the leading classes.

In Q2 2023, Amana Takaful Maldives recorded a notable performance in its financial results. The total revenue for the quarter amounted to MVR89.97 million (US$5.79 million), showcasing a significant increase compared with the preceding quarter's figure of MVR53.59 million (US$3.45 million). The company's commitment to efficient cost management is reflected in the total expenses, which stood at MVR11.96 million (US$769,414), slightly higher than the preceding quarter's MVR10.79 million (US$694,146). One of the remarkable highlights is the substantial growth in net profit, reaching MVR10.47 million (US$673,559) in Q2, a considerable surge from the preceding quarter's net profit of MVR1.1 million (US$70,765.5). This robust performance translated to improved earnings per share of MVR0.52 (US$0.03), compared with the previous quarter's MVR0.05 (US$0.003). Amana Takaful Maldives's solid financial position is evident in the growth of net asset per share, which increased to MVR7.8 (US$0.5) from the preceding quarter's MVR6.77 (US$0.44). The cash flow per share was reported at MVR0.23 (US$0.01), showcasing a reduction compared with the previous quarter's MVR0.45 (US$0.03).