Mubasher: Doha Insurance Group increased the value of its assets by QAR 33.88 million ($9.31 million), due to profits generated from selling its property in Doha.
The sale deal increased the group’s liquidity, allowing it to enter new feasible investments with high returns, according to the company’s statement to the Qatar Stock Exchange (QSE) on Tuesday.
The total assets of the Qatar-based group amounted to about QAR 1.92 billion at the end of September 2018.
The group previously announced the sale of its property in Doha for QAR 38 million.
The book value of the property registered QAR 4.12 million and the profit from the sale amounted to QAR 33.88 million.
For the first nine months of 2018, the Qatari insurance company’s profits retreated 67.1% to QAR 35.39 million, against QAR 34.7 million in the same period of the prior year.
By 10:21 am Qatari time, Doha Insurance Group’s stock rose 3.73% to QAR 12.86.
