Middle East News - Qatar: QIC plans 25% dividend and bonus issue for 2015
Source: Middle East Insurance Review | Jan 2016
Qatar Insurance Company (QIC) has proposed a 2015 cash dividend of 25% plus a 10 bonus share issue.
A 25% cash dividend equates to QAR2.50 (US$0.69) per share. This would be slightly higher than the company’s cash dividend of QAR2.17 for 2014.
QIC will also conduct a 20% rights issue after the distribution of the bonus shares, it said in a statement. The dividend proposal is subject to 2015 full-year results, plus necessary approvals from the respective authorities.
QIC generated gross premiums of QAR5.38 billion for the first nine months of 2015, up 20% compared to the same period in 2014. Key drivers of growth included QIC’s international reinsurance operations (Qatar Re and Antares) and regional personal lines businesses, such as medical and life insurance.
The group’s consolidated net profit for the first nine months totalled QAR715 million, compared to QAR801 million for the corresponding period last year, reflecting softening global trading conditions as well as regional economic and investment headwinds due to lower oil prices.
QAR1 = US$0.27