Home
/
News
(The Group’s Comment) Al Khaleej Takaful Insurance
Company 2019 Net Profit Jumps 42% to QAR 28.85 Million
Net Profit: The company's net profit for 2019
amounted to nearly QAR 28.85 million compared to QAR 20.27 million for
2018, an increase of 42.33%. Earnings per share amounted QAR 0.113
compared to QAR 0.079 over 2018. In relation to the profits of the 4th
quarter 2019, it reached QAR 0.95 million compared to QAR 11.22 million
for the similar quarter 2018. This significant improvement in the net
profit is attributed to the company reaching a settlement with one of
the related parties, according to which the company gets QAR 146 million
paid on four installments starting end of March 2019 and ending with the
end of 2020. This has positively affected the company’s results.
Revenue:
The company's total revenue decreased by QAR 53.43 million (41%) to
QAR 76.32 million compared to QAR 129.75 million. This decline in
revenue is caused by the following:
1.
Profits from
financial investments decreased by QAR 34.36 million.
2.
The income from
rentals decreased by nearly QAR 11.62 million.
3.
The achievement
of one-time profit of QAR 11.68 million from real estate investments
4.
The decrease in
dividend gains by QAR 5.20 million.
Expenses: the 2019 expenses decreased by QAR 62.43 million, approximately
43.0%, to record QAR 47.05 million compared to QAR 109.48 million for
the year 2018. This decrease in expenses is due to a decrease in rental
expenses of approximately QAR 22.0 million, in addition to the decrease
in investment losses from QAR 33.40 million in 2018 to QAR 4.90 million
in 2019.
Distributions and Market Ratios: The Board of
Directors recommended to the General Assembly the distribution of 5% of
the share nominal value (QAR 1.05) dividends on 2019 profit. The share
payout gains ratio stands at around 2.9% and the stock is traded on a
multiplier of 15.0 times.