Qatar General Insurance & Reinsurance Company (QGIRCO) has announced a net profit of QAR28.963m ($8m) in 2024 versus net loss QAR1.47bn in the previous year, according to the company's annual financial statement lodged with the Doha Stock Exchange. The earnings per share amounted to QAR0.033 as of 31 December 2024 against loss per share QAR1.675 for the same period in 2023, said the statement noting that the proposal of the Board of Directors is not to distribute dividends.
Insurance revenue in 2024 reached QAR885.2m against QAR768m in the previous year, a 15% increase. For the same period, total assets grew by 2% to QAR5.7bn, shareholders’ equity by 3% to QAR3.4bn while total assets stood at QAR2.3bn as in the previous year.
The company has undertaken a group of strategic and executive procedures which have contributed to achieving tangible results in various aspects of the business within the group, QBIRCO management commented. “These procedures aim at enhancing efficiency of operations and improving financial performance while focusing on long-term sustainability and profitability. The management has laid strong foundations to support future growth through fortifying operational efficiency and adopting innovative strategies which will ensure sustaining development and success.”