News Middle East28 Oct 2019

Qatar:Insurer reports huge plunge in 9-month profits

28 Oct 2019

Qatar General Insurance and Reinsurance Company (QGIRC) has reported a 88.5% plunge in profits for the first nine months of the year, compared to the corresponding period last year.

The company said in a terse statement posted on the Qatar Exchange website that net profits from January to September this year stood at QAR8.11m ($2.23m), compared to QAR70.76m for the same period of the previous year.

In contrast, QGIRC achieved a net profit of QAR273.9m for the full year ended 31 December 2018 (2017: QAR260.91m).

The company closed its Dubai branch in December 2018, and premiums have since been generated solely in Qatar.

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