(The Group's Comments) Al Khaleej Takaful Net Profit Climbs to QR 14.39 Million in Q1 2019

April 30, 2019

Profits: Al Khaleej Takaful Insurance Co.’s 2019 first quarter profits increased significantly to QR 14.4 million, compared to QR 8.8 million in the same quarter of 2018, and the company’s earnings per share amounted to QR 0.56 versus QR 0.23.

This increase in profits was due to the company’s settlement with a related party, whereby Al Khaleej Takaful collects a payment of QR 146 million in four installments, starting from the end of March 2019 and ending at the end of 2020.

It should be noted that Qatar Central Bank issued a resolution to dissolve the company’s Board of Directors and appoint a new one along with a new chief executive officer for a renewable term of one year.

Revenues: The 2019 first quarter’s gross revenues from investment and others increased by 57% to reach QR 22.8 million, compared to QR 14.5 million for the same quarter of last year. The company’s income improved by QR 6.1 million, and recorded a profit on sale of investment at fair value of QR 1.88 million, versus a loss of QR 2.8 million for the corresponding period of 2018.

Expenditures: The company’s total expenses amounted to QR 8.0 million in the first quarter of the current year, compared to QR 8.7 million in the corresponding period of 2018, since the company recorded no financing costs during this period, as opposed to the same quarter of 2018, where Al Khaleej Takaful Insurance posted a QR 900,000 in financing costs.