Mr. Riyad Al-Atrash, General Manager of Palestinian Takaful Insurance Company, confirmed that the company’s financial results for the nine-month period ending September 30, 2024, were in line with expectations despite the ongoing war in Gaza.
He noted that, despite the effects of the conflict on Gaza and the continued Israeli violations in the West Bank, which have had direct repercussions on the already strained Palestinian economy—particularly the loss since early October of its two main sources of liquidity: government salaries and wages of workers within the Green Line—the company achieved remarkable financial results in terms of production, profits, and maintaining high liquidity. This reflects a strong and resilient financial position, enabling the company to withstand all challenges. According to the disclosed results as of September 30, 2024, the company recorded:
Regarding liquidity, the company maintains a cash balance of USD 18.37 million, ensuring it can efficiently meet all obligations to clients, suppliers, and employees. Compared to other companies in the sector, Palestinian Takaful has secured a leading position in the insurance industry, excelling in production, profits, liquidity, and claims settlements.
Looking ahead, the company plans to consider all direct and indirect impacts of the Gaza conflict on its results. Its objectives include adapting to the current situation by optimizing revenues, collections, and obligations, while reducing unnecessary expenses and seeking investment opportunities to diversify income sources.
He added that the company’s strategy, guided by the Board of Directors, has enabled it to continue its progress and achievements—a noteworthy accomplishment given the current challenging conditions.
