– AGM and EGM on March 7, 2024, endorse all agenda items
– Strong financial results during FY 2023, with Shareholders’ Net Profit increasing by 24.2%
– Dividend distribution of 18% of issued share capital approved, amounting to QAR 36 million
– Amendments approved to expand the Board of Directors and further enhance policyholder and shareholder accounts separation
Doha, Qatar: Damaan Islamic Insurance Company Q.P.S.C. (“Beema” or the “Company”), one of the leading Islamic insurance providers in the State of Qatar, held its Annual General Meeting (“AGM”) and Extraordinary General Meeting (“EGM”) on Thursday 7 March 2024 and approved all items listed on its agenda. The meeting was chaired by Beema’s [Chairman His Excellency Sheikh Jassim bin Hamad bin Jassim bin Jabor Al Thani], with the attendance of Beema’s Board members, shareholders, and senior management team.
The AGM addressed all agenda items, leading with the endorsement of theBoard of Directors’ report on the Company’s activities, financial position for the year ending 31 December 2023, and the Company’s business strategy. The AGM discussed the auditors’ report and endorsed the balance sheet and profit and loss statement for the financial year 2023. Furthermore, the AGM endorsed the Sharia Supervisory Board report, approved the Board of Directors’ remunerations, and granted discharge to the Board members. The AGM adopted the governance report for the year 2023 and approved the major and related parties’ transactions concluded within the fiscal year.
Based on the strong financial results for the financial year 2023, the AGM approved the Board of Directors’ recommendationto distribute an annual dividend to shareholders equivalent to 18% of Beema’s issued and paid up share capital amounting to QAR 36m or QAR 0.18 per share.
The AGM concluded with the appointment of Deloitte andTouche as auditors for the upcoming financial year and the election ofMr. Nasser Khalid Nasser Abdullah Al Mesnad representing The International Trade & Development Co. W.L.L. as Board of Directors members for the remaining term of the current Board of Directors ending in 2027.
During the EGM, two amendments were approved to the Company’s Articles of Association to further enhance the Company’s operational framework. This includes the modification to expand the Board of Directors from nine to ten members and to emphasize the separation of policyholdres’ and shareholdres’ accounts. These adjustments are aimed at bolstering Beema’s governance and operational efficiency.
The AGM and EGM follow the release of Beema’s financial results for the year 2023, during which the Company achieved an increase in Gross Written Premiums from QAR 392.6 million in FY 2022 to QAR 401.3 million in FY 2023. Shareholders’ Total Income grew by 18%, from QAR 103.6 million in FY 2022 to QAR 122.7 million in FY 2023, whilst Shareholders’ Net Profit witnessed a strong 24.2% increase, continuing Beema’s trend of growth and shareholder value creation. Furthermore, Net Investment Income for shareholders and policyholders increased by 31% in FY 2023. In 2023, Beema completed a major deleveraging initiative, transitioning the Company towards a nearly financial debt-free capital structure.
Commenting on the Company’s achievements and strategic direction, [His Excellency Sheikh Jassim bin Hamad bin Jassim bin Jabor Al Thani, Chairman of Beema’s Board of Directors], stated: “The year 2023 has been a milestone year for Beema, marking significant financial and operational achievements. Our unwavering commitment to operational excellence, coupled with strategic initiatives aimed at enhancing shareholder value and customer satisfaction, has solidified our position as a leader in the Qatari Islamic insurance sector. As we move forward, Beema remains dedicated to innovating within the insurance landscape, expanding our market presence, and contributing to the economic resilience of Qatar. We are committed to delivering sustained growth and long-term value for our shareholders, policyholders, and the communities we serve.”
Beema is listed on the Qatar Stock Exchange Main Market, trading under the ticker (BEMA). The Company maintainsa A3 Long Term Insurance Financial Strength (IFSR) rating by Moody’s with a stable outlook, and a Financial Strength Rating (FSR) of A- (Excellent) and Long-Term Issuer Credit Rating (ICR) of “a-” (Excellent) by AM Best, both with stable outlooks.
