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General Insurance’s Q4 profits drop 96%

General Insurance’s Q4 profits drop 96%
(Photo credit: Arabianeye - Reuters)
General Insurance
QGRI
-0.83% 1.32 -0.01

Doha – Mubasher: Qatar General Insurance and Reinsurance Co's profits declined 96.2% year-on-year in the fourth quarter of 2016.

Earnings amounted to QAR 29.56 million ($8.11 million) in Q4-16 as compared to QAR 784.85 million ($215.35 million) in Q4-15.

During the twelve-month period, profits retreated 76.3% to QAR 219.34 million from QAR 925.71 million in the year-ago, according to a bourse filing on Thursday.

Earnings per share stood at QAR 2.51 in 2016, compared to QAR 10.58 in 2015.

The company's board recommended the distribution of cash dividends for 2016, representing 15% of the capital of QAR 1.5 per share.

General Insurance's capital amounts to QAR 875.1 million, distributed over 87.51 million shares, with a nominal value of QAR 10 per share.