QIIC profit edges up to QR35.84mn in H1
July 31 2013 11:05 PM

Qatar Islamic Insurance Company has reported a 3% rise in first-half net profit to QR35.84mn despite expenses growing faster than income.

Income from investments in associates almost quadrupled to QR3.97mn, rental income grew 16% to QR4.53mn, wakala fee by 8% to QR23.98mn and other income by 28% to QR1.06mn, according to its financial statement.

However, income from shareholders’ investments shrank 30% to QR6.73mn and shareholders’ share in policyholders’ investment income by 5% to QR7.74mn. Nevertheless, total income grew 5% to QR48mn.

But total expenses grew faster at 12% to QR12.16mn mainly due to a 13% rise in general and administrative costs.

Under policy holders’ account, total surplus expanded 37% to QR10.52mn with falling claims and higher investment income.

Net contributions were up 7% to QR60.89mn. But a positive movement in unexpired premiums resulted in net earned contributions to grow only 4% to QR55.88mn.

Net claims fell 6% to QR44.59mn; while net investment income shot up 60% to QR7.96mn; thereby helping the insurer to earn a positive total surplus.

Total assets were valued at QR662.22mn comprising policyholders’ assets of QR365.41mn and shareholders’ assets of QR296.81mn.

Total shareholders’ equity stood at QR263.39mn on a capital base of QR150mn and earnings-per-share was QR2.39 at the end of June 30, 2013.



Lower sales income and slippages in gains from associates as well as higher costs led Qatar Industrial Manufacturing Company to report a 32% decline in net profit to QR80.77mn in the first six months of this year.

Sales fell 10% to QR172.37mn but cost of sale shrank 12% to QR133.41mn; yet gross profit was down less than 1% to QR38.96mn, according to its financial statement. Moreover, share of results of associates plunged 46% to QR52.20mn.

However, investment income and other earnings grew 30% and 37% to QR10.53mn and QR4.76mn respectively.

General and administrative expenses rose 3% to QR20.41mn and interest expense by 20% to QR1.64mn.

Total assets were valued at QR1.52bn comprising current assets of QR0.31bn and non-current assets of QR1.21bn.

Total equity stood at QR1.32bn on a capital base of QR396mn and earnings-per-share was QR2.04 at the end of June 30, 2013.



Qatar Oman Investment Company (QOIC) yesterday reported a 3.15% rise in first-half net profit to QR13.1mn compared with QR12.7mn in the same period last year, according to a Qatar Exchange notification.

Earning per share stood at QR0.416 as of June 30 compared to QR0.404 in the corresponding period in 2012.

Incorporated on July 12, 2006, Qatar-based QOIC engages in investments in Qatar and Oman, mainly in oil, gas, real estate, infrastructure, healthcare, tourism and financial services.



Abu Dhabi National Energy Co (Taqa), the state-owned oil explorer and power supplier, swung to a loss in the second-quarter weighed down by derivatives and hedging exposures and a slump in income from its oil and gas business.

Taqa, 75% owned by the government of Abu Dhabi, reported a net loss of 172mn dirhams ($46.83mn) for the quarter ending June 30, compared with a profit of 447mn dirhams in the corresponding period in 2012, the company said in a bourse statement.

Revenue for the quarter was 2.1bn dirhams, lower than the 2.6bn dirhams generated in the prior-year period.

The company posted a loss of 114mn dirhams due to changes in fair value of derivatives and hedges in the quarter. This compares to a gain of 80mn dirhams in the second quarter of 2012.

Total oil and gas revenues declined by 18% in the first half of the year to 4.8bn dirhams for the first half 2013, due to lower production in the UK North Sea and softer pricing in Europe for oil.

The state-owned utility has investments in the energy and power sector in the Middle East, India, Africa, the UK and North America.


Jordan Housing Bank

Jordan’s Housing Bank for Trade & Finance’s (HBTE), first-half net profit rose 2.5% on year to 52.5mn Jordanian dinars ($74.1mn), despite the bad performance of its subsidiary in Syria due to the political crisis there, the Jordanian lender said in a statement yesterday.

The bank’s profits before tax during the first half of this year hit 73mn dinars, compared with 70mn dinars the same period last year, it said.

Operational revenue reached 200mn dinars during the first half of this year, compared with 164mn dinars the same period last year, it added.

The bank’s total assets reached 7bn dinars, while customers’ deposits hit 4.9bn dinars, it said.

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