Oman Qatar Insurance records RO1.77mn profit in first 9 months of 2017

10/19/2017 2:13:23 AM

(MENAFN- Muscat Daily) Muscat- Oman Qatar Insurance Company (OQIC), which closed its initial public offering (IPO) earlier this month, delivered a strong performance in the first nine months period of 2017 despite a sluggish economic environment.

OQIC's net profit after tax jumped by 493 per cent in the first nine months of 2017 to RO1.77mn compared to RO299,000 in the same period of 2016, according to a press release.

OQIC shares will be listed on the Muscat Securities market today. The company earlier announced that its IPO was oversubscribed 1.4 times.

The company remained focused on bottomline driven growth and providing excellent customer services yielding commendable results.

While OQIC's gross written premium remained the same compared with the first nine months period of the previous year, its underwriting income rose 177 per cent to RO2.21mn from RO0.80mn a year ago. Investment income increased 37 per cent to RO1.02mn (net of impairment of RO417,000) in January–September period of 2017 as against RO745,000 in same period of 2016.

Earnings per share increased from 5bz in first nine months period 2016 to 24bz in same period of 2017 on weighted average of 100mn shares. Net asset value per share stood at 148bz as on September 30, 2017 on 100mn equity shares.

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