(The Group's Comments) Islamic Insurance Net Profit Increases to QR 24.87 Million in the First Quarter of 2019

 

April 21, 2019

 

·         Islamic Insurance Co. net profit QR 24.87 million in the first quarter of 2019, compared to QR 23.11 million for the same period last year, an increase of 7.6%, while the company’s earnings per share amounted to QR 1.66 in the first quarter of 2019, versus QR 1.54 for the first quarter of 2018.

 

·         The company’s gross income increased by 8.18% to QR 34.25 million in the first quarter of 2019, compared to QR 31.66 million for the corresponding period of 2018. The increase in revenues is due to the improvement of the company's revenues from fees (fees paid to the company for its management of insurance operations. This fee is determined in coordination with the Fatwa and Sharia Supervisory Board) to reach QR30.0 million, compared to 25.5 million riyals for the first, quarter of 2018. In contrast, the revenues of Mudaraba fees for the shareholders of the investment portfolio decreased by QR 680,000, while revenues from rent also declined by QR 570,000.

 

·         The company’s total expenditures for the first quarter amounted to QR 9.38 million, compared to 8.54 million riyals for the same period of 2018, an increase of 9.8%. The expense to income ratio reached 27.4%, versus 27.0% for the corresponding period of 2018.

 

·         Shareholders' equity stood at QR 332.19 million, while the return on shareholders' equity for the period ended 31/03/2019 reached 7.48%, compared to 6.42% for the first quarter of 2018.