Driven by income from solid underwriting and investments, Doha Insurance has posted a 50% increase in its half yearly net profit to QR54mn, compared with QR36mn in H1, 2013.
The company’s earning per share (EPS) amounted to QR1.37 as of June 30 this year, compared with QR1.25 in the corresponding period in 2013.
The results were announced by Doha Insurance chairman Sheikh Nawaf Nasser bin Khaled al-Thani, after a meeting of the company’s Board of Directors here.
Sheikh Nawaf said the company had been able to maintain a steady growth in operating performance and net profits for the first half of this year, as part of its goals and carefully-drawn plans, stressing that the management of the company would go ahead in achieving the aspirations of Doha Insurance shareholders.
On Standard & Poor’s Ratings Services (S&P) recently raising Doha Insurance ratings to ‘A-’ from ‘BBB+’ with a stable outlook, Sheikh Nawaf said it helped the company to be extremely competitive and equipped it to participate in major national projects in Qatar.
At the same time, the new A- ratings helped Doha Insurance negotiate stronger with international insurance and reinsurance companies. The A- rating will also help Doha Insurance in its proposed expansion plans.
In its recent report, S&P stated “The upgrade reflects our view that Doha Insurance’s financial risk profile has significantly and sustainably improved following the injection of QR437mn in April 2014.”
Doha Insurance CEO Bassam Hussein said, “We are very pleased with the ‘A-’rating. We believe this will further enhance our commitment to play a leading role within Qatar, the region and the Arab World.”
Doha Insurance Board of Directors has also decided to donate QR500,000 to the affected people of Gaza Strip on account of the Israeli aggression there.