PE (annualised) 5 13.6
Price to Book Value (PBV) 2.1 1.8 1.4 -30% -19% 2.1 1.4 -30%
Profit Margin (ROS) 38% -19% 16%
Return on Assets (ROA) 20% -13% -17% -190% -28% 7.2% -6.5% -190%
Return on Equity (ROE) 42% -42% -76% -280% -83% 15% -29% -290%
DFM 19 February 2009 (pm):
(AMAN) Dubai Islamic Insurance: Announces its preliminary financial results of 2008
(AMAN) Dubai Islamic Insurance: Announces the results of its BOD meeting held on 19/02/2009
Announcement of financial results and BOD meeting decisions on DFM website but no further information supplied. Summary data translated from Arabic information so don't assume I've done so correctly (there are discrepancies in Shareholder Equity and EPS figures compared to previous data for example). PE, ROA, and ROE are annualised figures. If Balance Sheet figures not supplied then data from previous quarter is used to calculate financial ratios. AMAN 4th quarter data not supplied so Q4 figures calculated from FY and M9 data but are not confirmed.
It was not a good year for Aman, with losses in 2 out of 4 quarters, and relatively low profits in the first 2 quarters this year. We don't know what happened in Q4 until further information is supplied but it would be a reasonable guess to suggest that investments performed poorly. I always have some difficulty trying to figure out financials for Islamic insurance companies though. Out of the Gross Profit (which belongs to policyholders, not shareholders, as far as I understand), the policyholders then pay Wakala and Mudarib fees to the shareholders. Often, these payments are more than what is earned as gross profit so the policyholders end up in deficit. This is rectified by the shareholders lending funds to the policyholders, but then that knocks a hole in the income statement for the shareholders so they end up suffering a loss. Investment income can offset that, but not if investments are in the tank. Make any sense? I can never figure out where to include the policyholder Wakala and Mudarib payments to shareholders in the SW financial results summaries ...
Aman shares fell 1.2% to AED 0.81 in thin trading on Thursday, before announcements posted.
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