Islamic Insurance Net Profit Drops to QR61.9 Million; Board Recommends 35% Cash Dividends

February 19, 2018

Islamic Insurance net profit amounted to QR61.9 million in the fiscal year of 2017, versus QR63.5 million in 2016, while the company’s earnings per share reached QR4.13 compared to QR4.23 for the corresponding period. The Board recommended distributing cash dividends of QR3.5 per share.

The Group’s Comments

Islamic Insurance net surplus more than doubled in 2017, hitting a percentage of 108.4% to QR24.8 million, but the year-end surplus remained steady at QR83.5 million, unchanged from the previous year. With additional revenues, the total revenue amounted to QR99.9 million, compared with QR104.3 million in the previous year, and the company’s all expenses decreased by 6.9% to QR37.97 million. Consequently the net income fell by 2.5% to QR61.9 million.