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February 12, 2015
Board of Directors, in their meeting held on Thursday, 12th February 2015, decided to propose to AGM, a cash dividend of 35% to the shareholders on the paid up capital of BD 7.15 mn, equivalent to 35 fils per share.
Chairman of the Board, Mr. Murad Ali Murad stated that the Company was able to achieve good results in 2014, in spite of difficult circumstances in the region contributed mainly by severe price competition among companies especially in high loss ratio classes of motor and medical where loss ratios sometimes exceed 100%. Net profit increased by 15% to BD 4.2 mn (BD 3.7 mn in 2013). Out of this, BD 2.96 mn (BD 3.32 mn in 2013) came from insurance activities. Investment income amounted to BD 2.2 mn (BD 1.05 mn in 2013). BD 1.5 mn of investment income was out of gain on sale of an investment property.
He also added that the Company’s total assets for the first time exceeded BD 100 mn mark to stand at BD 104.8 mn (BD 97 mn in 2013). Shareholders’ equity increased from BD 33.3 mn in 2013 to BD 35 mn in 2014 and the ROE was 12.11% (11.12% in 2013). EPS was 59 fils (52 fils in 2013).
For the quarter ending 31 December 2014, gross earnings increased to BD 3.6 mn (BD 3.5 mn for the same period in 2013). Net claims increased to BD 2.1 mn (BD 1.7 mn for the same period 2013), mainly on account of increase in motor claims. Consequently technical profit decreased to BD 0.62 mn in 4th Quarter 2014 (BD 0.94 mn for the same period 2013). Investment income during 4thQuarter 2014 increased to BD 115,000 in 2014 compared to BD 16,000 for the same period last year. Net profit was BD 536,000 in 3 months ending 31 December 2014 as compared to BD 861,000 for the same period last year.