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(The Group’s Comment)
Qatar General Insurance & Reinsurance Company Reports Net Losses of
QAR 468.02 Million in 2019
Net Profit: the company recorded net losses of QAR 468.02 million versus net
losses of QAR 169.25 million in 2018, an increase of 176.52% in the net
losses. Losses per share amounted QAR 0.535 against QAR 0.193 losses per
share for the preceding year 2018. It is obvious in light of the
aforementioned that the company
sustained losses of QAR 476 million in the 4th
quarter 2019 as the results of the first nine months reflected profit of
QAR 8.1 million.
Operating
income (Results of Insurance Underwriting): Profits coming from the insurance activity in the year
amounted QAR65.10 million against QAR 121.16 million for 2018, declining
by 46.26% due to the increase in paid claims by QAR 126.58 million.
Profit from
Investment: The Company recorded net losses from its
investment activity as of the year-end 2019 by QAR 133.81 million
against losses of QAR 45.19 million for the preceding year 2018 as well.
These losses include QAR 335.81 million and pegged to real estate
investments.
Expenses:
This item reached as at the end of the year
QAR 384.0 million compared to QAR 284.0 million, increasing by 35.21%
due to the impairment of the fair value of debtors by QAR 89.0 million
as well as the increase in costs of financing by QAR 14.55 million.
Total
comprehensive income: the company
recorded valuation profits in the comprehensive income statement of 2019
by QAR 32.91 million versus valuation losses of QAR 86.05 million for
2018.