Shrinkage in income and higher costs led Qatar General Insurance and Reinsurance Company (QGIRC) report 18% fall in net profit to QR140.86mn during January-September this year.
Gross premium grew 3% to QR530.35mn but there was 31% slippage in unearned premiums to QR70.65mn, resulting in 11% increase in gross earned premium to QR459.69mn, according to its financial statement filed with the Qatar Stock Exchange.
However, the company had witnessed 21% jump in premium ceded to reinsurers to QR319.34mn, thus resulting in a 6% drop in net earned premium to QR140.35mn.
Its other revenue shrank 11% to QR216.7mn on the back of 14% fall in fees and commission income to QR17.74mn, 90% in net realised gains on investments to QR4.8mn and there was QR21.13mn of fair value losses; even as investment income grew 37% to QR195.22mn, other operating income by 14% to QR8.89mn and there was also QR11.18mn income from construction activities.With both net earned premiums and other income on the fall, the company’s total revenue fell 9% to QR357.05mn.
Net claims plummeted 32% to QR80.99mn; whereas other expenses soared 36% to QR160.07mn owing to 34% jump in other operating and administrative expenses to QR117.52mn and 7% in finance costs to QR31.98mn.
Moreover, the company incurred QR10.57mn as cost of construction activities. Thus, total expenses showed 2% jump to QR241.05mn.
However, there was a 64% surge in share of profits of associates to QR24.93mn without which the decline in net earnings (before share of profits of associates) would have been severe at 26%.
Total assets were valued at QR8.68bn comprising investment properties worth QR5.11bn and available-for-sale financial assets of QR1.11bn.
Total equity stood at QR5.55bn on issued share capital of QR795.52mn and earnings-per-share was QR1.77 at the end September 30, 2015.

QGMD revenue drops 22% to QR9.88mn
Qatar German Company for Medical Devices has reported a 5% decline in net loss to QR9.48mn in the first nine months of this year mainly on the back of better management of operating costs.
Revenue fell 22% to QR9.88mn but direct costs also shrank by a similar proportion to QR9.6mn; translating as 37% decline in gross profit to QR0.28mn, according to its financial statement.
Operating loss shrank 19% to QR6.38mn on the back of 23% slippage in selling and distribution expenses to QR1.49mn and 21% in general and administrative costs to QR5.24mn; even as other income shrank 74% to QR0.08mn.
Finance cost, otherwise, grew 50% to QR3.1mn.
Total assets were valued at QR260mn comprising current assets of QR31.95mn and non-current assets of QR228.05mn.
Total equity stood at QR155.17mn on a capital base of QR115.5mn and loss-per-share was QR0.82 at the end of nine-month ended September 30, 2015.