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Doha Insurance Net Profit Rises 42% to QAR
60 Million in 2018
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Earnings: The Company's
net profit for the year 2018 climbed to QR 60.25 million,
compared to QR42.16 million at the end of 2017, an increase of
43.0%. Doha Insurance’s earnings per share stood at QR1.21,
compared to QR0.84 for 2017. In the fourth quarter of 2018, QR
7.50 million for the same period of 2017
The increase
in profits came as a result of the sale of a property in Doha
worth QR38.0 million during the fourth quarter of 2018. The
company generated profits of about QR 33.50 million from this
sale alone.
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Comprehensive income:
amounted to QR 65.16 million, including dividends for the year
2018. The Company recorded a profit of revaluation of
investments of QR 4.9 million in the year 2018. The statement of
comprehensive income for the year 2017 included losses of
revaluation of investments and currency differences of about QR
46.9 million.
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Revenues: Net earned
premiums, which represent the main source of revenues for the
year 2018, increased to QR244.32 million, compared to QR 199.52
million for the year 2017, a growth rate of 22.5%. Despite this
increase, net insurance results recorded a decline of 3.0%. The
Company's revenues from the investment activity in 2018 declined
to QR 47.2 million, compared to QR 56.8 million in the last
quarter of 2017. In 2017, the company sold one of its products,
which resulted in revenues of about QR 14.0 million.
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Shareholders' equity:
amounted to QR 1,064.1 million in the last quarter of 2018. The
book value of the share is QR 21.28. The Company incurred a fair
value loss of QR 65.9 million as a result of the implementation
of Standard No. 9.
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Dividends: The Board of
Directors recommended a cash dividend of 8% of the nominal value
of the share (6.40% dividend yield). The recommendation also
included the distribution of 10% bonus shares.
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Market ratios: The stock
is currently traded at a PE multiple of 10.32 times, and a book
value multiple of 0.59 times.
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