DFM:WATANIA Income Statement

Financials in millions AED. Fiscal year is January - December.

Millions AED. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Premiums & Annuity Revenue	899.57	869.59	954.36	820.18	448.9	409.35
Total Interest & Dividend Income	25.71	22.38	20.81	10.96	22.7	17.16
Gain (Loss) on Sale of Investments	8.65	8.65	12.74	1.52	3.25	-1.78
Other Revenue	-	-	-	-	23.02	9.14
Total Revenue	933.93	900.62	987.91	832.66	497.86	433.86
Revenue Growth (YoY)	1.44%	-8.84%	18.64%	67.25%	14.75%	125.63%
Policy Benefits	889.21	875.66	954.76	830.17	296.4	290.23
Policy Acquisition & Underwriting Costs	-	-	-	-	83.01	56.92
Amortization of Goodwill & Intangibles	4.64	6.3	6.3	16.18	-	-
Selling, General & Administrative	16.21	18.68	31.78	50.93	70.02	69.81
Other Operating Expenses	-	-	-	-	10.51	9.68
Reinsurance Income or Expense	-	-	-	-	-11.63	-3.06
Total Operating Expenses	910.06	900.64	992.84	897.27	471.57	429.68
Operating Income	23.87	-0.03	-4.94	-64.61	26.29	4.18
Interest Expense	-5.5	-4.68	-6.07	-4.22	-5.16	-1.7
Other Non Operating Income (Expenses)	5.23	13.56	21.45	13.68	-	-
EBT Excluding Unusual Items	23.6	8.86	10.45	-55.15	21.14	2.48
Merger & Restructuring Charges	-	-	-	-	-3.17	-15.65
Asset Writedown	5.26	5.26	2.59	1.3	3.61	-14.38
Other Unusual Items	-	-	-	0.72	-	50.19
Pretax Income	28.86	14.12	13.04	-53.13	21.58	22.64
Income Tax Expense	2.11	0.84	-0.24	-	-	-
Net Income	26.75	13.28	13.28	-53.13	21.58	22.64
Net Income to Common	26.75	13.28	13.28	-53.13	21.58	22.64
Net Income Growth	1.64%	0.04%	-	-	-4.70%	361.63%
Shares Outstanding (Basic)	260	260	260	260	150	150
Shares Outstanding (Diluted)	260	260	260	260	150	150
Shares Change (YoY)	-	-	-	73.44%	-	-
EPS (Basic)	0.10	0.05	0.05	-0.20	0.14	0.15
EPS (Diluted)	0.10	0.05	0.05	-0.20	0.14	0.15
EPS Growth	1.64%	0.04%	-	-	-4.70%	361.63%
Free Cash Flow	17.49	-55	-71.29	2.55	-43.28	7.65
Free Cash Flow Per Share	0.07	-0.21	-0.27	0.01	-0.29	0.05
Dividend Per Share	-	-	-	-	-	0.125
Operating Margin	2.56%	-0.00%	-0.50%	-7.76%	5.28%	0.96%
Profit Margin	2.86%	1.47%	1.34%	-6.38%	4.33%	5.22%
Free Cash Flow Margin	1.87%	-6.11%	-7.22%	0.31%	-8.69%	1.76%
EBITDA	30.11	8.14	3.4	-53.62	32.05	10.53
EBITDA Margin	3.22%	0.90%	0.34%	-6.44%	6.44%	2.43%
D&A For EBITDA	6.24	8.17	8.33	10.99	5.76	6.35
EBIT	23.87	-0.03	-4.94	-64.61	26.29	4.18
EBIT Margin	2.56%	-0.00%	-0.50%	-7.76%	5.28%	0.96%
Effective Tax Rate	7.30%	5.94%	-	-	-	-

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.