(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.