(The Group’s Comment) Alkhaleej Takaful Insurance Net Profits Rises by 208% to QAR 27.89 Million in the 3^rd Quarter 2019

Ø  Profits: The Company’s profits registered a notable increase for the first 9 month 2019 to reach QAR 27.90 million compared to QAR 9.05 million, an increase of 208.3%. Earnings per share amounted QAR 0.11 versus QAR 0.04 for the same period 2018. The 3^rd quarter’s net profit amounted QAR 9.2 million compared to QAR 1.3 million for the equivalent quarter 2018. This substantial improvement in the profits is referred to a settlement agreement made with one related party by-which the company collects QAR 146 million to be paid on four instalments starting end of March 2019 and ending as of the end of 2020. The impact of such settlement was reflect in the company’s financial results.

Ø  Revenues:  Revenues from Investment and other revenues increased by approximately 68.7% to reach QAR 57.7 million compared to QAR 34.2 million for the equivalent period last year. Revenues of one agency has improved by QAR 13.6 million while the company registered an income from the sale of one investment at the fair value  of QAR 6.4 million against losses in the same item of QAR 2.9 million for the same period last year. Revenues from leasing increased by QAR 4.6 million while the revenues of dividends distribution by QAR 4.7 million.

Ø  Expenses: Total expenses amounted QAR 29.4 million compared to QAR 25.2 million referred to losses of QAR 5.6 million in the fair value.