{"id":87355,"date":"2023-12-11T00:00:00","date_gmt":"2023-12-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/union-ins-turns-a-loss-in-3q-2023\/"},"modified":"2023-12-11T00:00:00","modified_gmt":"2023-12-11T00:00:00","slug":"union-ins-turns-a-loss-in-3q-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2023\/12\/11\/union-ins-turns-a-loss-in-3q-2023\/","title":{"rendered":"Union Ins turns a loss in 3Q 2023"},"content":{"rendered":"

Union Ins<\/a><\/strong> remained in the red in 3Q 2023<\/strong>, recording AED 166.6 mn in net losses during the quarter, according to a bourse filing<\/a>. <\/p>\n

Union Ins suffered significant losses due to various factors:<\/strong> They took a hit from a failed property transaction back in 2013 and 2014, leading to an ongoing legal battle as they strive to recover the incurred losses; some mistakes in recording the true value of freehold land as well as undertaking some bad debts between 2019 and 2021 that the company suspects will not be paid back. <\/p>\n

\n

\n

Al Salam Bank Sudan addresses its financial reporting backlog, discloses 1Q-3Q <\/strong>2023 financial statements:<\/strong>The lender recorded a net loss of SDG 496.9 mn in 3Q 2023, down 245% compared to a net income of SDG 343.7 mn in 2Q 2023, according to a DFM disclosure<\/a>. The bank recorded SDG 363.7 mn in revenue in 3Q 2023, down 69.7% from SDG 1.2 bn during the same period last year. <\/p>\n

Net income stood at SDG 29.6 mn in 9M 2023, down <\/strong>98<\/strong>% y-o-y fromSDG 2.6 bn in 9M <\/strong>2022. <\/strong>9M 2023 revenues stood at SDG 2.9 bn, down 27% y-o-y. <\/p>\n

ICYMI: <\/strong>The bank\u2019s shares resumed trading at 1pm yesterday, according to a DFM market announcement<\/a>, after being suspended from trading since May 2023, due to non-disclosure of financial statements for the first quarter of 2023, Argaam<\/a> reports. <\/p>\n

The listing of the company\u2019s shares was transferred to Category A from the second <\/strong>category<\/strong>, according to a separate DFM market announcement<\/a>.The DFM transferred the shares of Al Salam Bank Sudan to the second category last month on 16 November, in line with the Chairman of the Authority\u2019s Board of Directors\u2019 Decision No. (13\/R.M.) of 2020<\/a> regarding procedures for dealing with troubled listed public joint-stock companies.<\/p>\n","protected":false},"excerpt":{"rendered":"

Union Ins recorded a net loss of AED 166.6 mn, representing almost half of its share capital<\/p>\n","protected":false},"author":1,"featured_media":87356,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1596],"tags":[237,7,411],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87355","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-enterpriseam-uae","tag-union-insurance","wpautop","entry"],"acf":{"mongo_id":"afcf1ee1-c058-4a85-9cd8-d3487b59d042","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/10\/2224.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Union Ins records a net loss of AED 166.6 mn","related_issue":[87338],"teaser":"Union Ins recorded a net loss of AED 166.6 mn, representing almost half of its share capital","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.3a86968d-3ba7-46c8-9a74-722e20c31447.mp3"},"yoast_head":"\nUnion Ins turns a loss in 3Q 2023 - 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