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Friday, February 4, 2011

Al Khaleej Takaful 2010 net profit rises to QR73mn

Al Khaleej Takaful Insurance and Reinsurance has reported a 7% growth in its 2010 net profit to QR72.84mn as total income grew much faster than expenses.

The company, which is proposing to change its name to Alkhaleej Takaful Group, has suggested 30% cash dividend; which will have to be approved by shareholders at the annual general assembly scheduled on February 21.

Total investment and other income shot up 58% to QR117.40mn while total expenses rose 11% to QR43.95mn, according to its financial statement filed with the Qatar Exchange.

Wakala income jumped almost five-fold to QR50.83mn; net realised gains on sale of available-for-sale investments rose 11% to QR30.87mn; rental income by 31% to QR8.04mn and other income by 71% to QR1.83mn; even as dividend income plunged 12% to QR24.93mn.

The company has reported a QR0.61mn shareholders’ deficit from takaful operations compared with QR33.31mn surplus in the previous year. Total takaful revenues stood at QR44.85mn and expenses at QR45.47mn.

However, for the policyholders, the insurer’s surplus from takaful operations jumped more than three-fold to QR44.02mn. Total takaful revenues were QR105.76mn and expenses were QR61.75mn.

Total assets were valued at QR976.54mn, comprising policyholders’ assets of QR275.65mn and shareholders assets of QR700.89mn.

Total shareholders’ equity stood at QR575.97mn on a capital base of QR142.30mn and earnings-per-share was QR5.12 at the end of December 31, 2010.

Courtesy by: Gulf Times

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