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(The Group’s Comments) Takaful Insurance’s Net Profit
Climbs to QAR 18.67 Million for the First Half of 2019
July 28, 2019
Profits: Al Khaleej Takaful Insurance posted
a profit of QAR 18.7 million in the first half of 2019, compared
to QAR 7.8 million made in the first half of the previous year,
an increase of 140%, while the company’s earnings per share
amounted to QAR 0.073 compared to QAR 0.03 for the same period
of 2018. As for the second quarter, the company posted a profit
of QAR 4.3 million, compared to QAR 1.9 million for the same
quarter of last year. This significant improvement in profits is
due to the company's agreement with one of the related parties,
in which the company will receive QAR 146 million in four
payments beginning end of March 2019 and ending by the end of
2020, the effects of this settlement reflected positively on the
results of the company.
Revenues: total investment and other income
increased by 51% to QAR 38.1 million in the first half of 2019,
compared to QAR 25.3 million for the same period last year. Al
Khaleej Takaful’s income improved by QAR 8.5 million, and it
also recorded a profit on sale of investments at fair value of
QAR 1.88 million, compared to a loss of QAR 4.3 million for the
corresponding period.
Expenses: total expenses amounted to QAR 19.1
million in this half, compared to QAR 17.6 million for the
corresponding period of 2018, as a result of a loss in the fair
value of QAR 2.5 million. It is worth noting that the company
did not incur any financing costs during the period, instead
generated revenues from deposits of about QAR 284,000 versus
financing expenses of QAR 1.84 million for the corresponding
period of 2018.
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