Oman Qatar Insurance reports strong performance

Muscat: Oman Qatar Insurance Company (OQIC), a leading insurance company that closed its initial public offering (IPO) earlier this month, has delivered strong performance in nine month period of the year 2017 despite sluggish economic environment.

The company remained focused on bottomline driven growth and providing excellent customer services yielding commendable results. The strong performance results come at a time when the listing of the company on the Muscat Securities Market (MSM) is scheduled for October 19 further boosting investor confidence. The company had earlier announced that its IPO was comfortably oversubscribed (subscribed 1.4 times).

While the gross written premium (GWP) remained the same for the nine-month ended period of the previous year, underwriting income has increased by 177 per cent (third quarter 2017: OMR2.21 million; third quarter 2016 OMR0.80 million), and investment income increased by 37 per cent to OMR1.02 million (net of impairment of OMR417,000) in the January-September period for the year 2017 as against investment income of OMR745,000 in same period for the year 2016.

Net profit after tax increased 493 per cent to OMR1.77 million for the third quarter in 2017 against OMR299,000 in third quarter of 2016.

Earnings per share (EPS) (basic and diluted) increased from five baizas in nine month period of the year 2016 to 24 baizas in same period in the year 2017 on weighted average of 100 million shares.

EPS for trailing twelve months (TTM) as on September 30, 2017 stood as 30 baizas.

Net asset value (NAV) per share stood 148 baizas on September 30, 2017 on 100 million equity shares.