(The Group’s Comment): Qatar Islamic Insurance Company Net Profits Rises to QAR 59.77 Million in the 3^rd Quarter 2019

Ø  Profits: The Company’s profits for the 9 months ended 30 September 2019 recorded an increase of 3.98% to reach QAR 59.77 million versus QAR 57.48 million for the equivalent period last year. Earnings per share for the period amounted to QAR 0.398 compared to QAR 0.383 while the 3^rd quarter’s profits stood at nearly QAR 11.49 million versus QAR 16.37 million for the similar quarter 2018.

Ø  Revenues: Total revenues has increased by 2.0% to record QAR 90.39 million versus QAR 88.56 million for the equivalent period 2018. The increase in revenues came from the improvement of QAR 2.7 million in the agency charge (a charge collected against the management of insurance transactions determined in coordination with The Fatwa and Shari’a Supervisory Board) to amount to QAR 77.7 million versus QAR 75.0 million for the equivalent period  2018. On the other hand, revenues of the shareholder brokerage fee from the investment portfolio declined by QAR 600 thousand and the leases revenues declined by QAR 1.4 million.

Ø  Expenses: The expenses during the period amounted to QAR 30.6 million compared to QAR 31.1 million. It is worth-mentioning that the company has avoided a provision of QAR 2.7 million against the reduction of investments in associated companies.