Doha – Mubasher: Doha Insurance on Tuesday reported a 38.8% year-on-year drop in its profits for the fourth quarter of 2016 to QAR 42.25 million ($11.6 million) compared to QAR 69 million ($18.9 million).

Earnings per share (EPS) reached QAR 1.44 in 2016, compared to an EPS of QAR 2.22 in 2015, according to a bourse filing.

The insurance company’s board of directors recommended a cash dividend to shareholders, representing 6% of the share’s nominal value at QAR 0.60 per share.

The company last reported a decline in profits for the first nine months of 2016 by 28.73% to QAR 30.01 million, from QAR 42.2 million in the corresponding period of 2015.