July 2009 DOHA: Defying the global economic crisis and its impact on financial markets here and on the rest of the world, Qatar Islamic Insurance Company Qatar Islamic Insurance Company ( QIIC QIIC ) has reported a surplus of QR12.8m from its insurance operations in the first half (H1) of this year.

The surplus in the corresponding period last year was QR6.3m. This year's surplus figure represents an increase of an impressive 104 percent over the corresponding period last year.

The company held a press briefing at its main office on C Ring Road to announce the H1 results yesterday.

It was attended by Jassem Ali Al Saadi, Assistant General Manager, and Zaki Khamis Akela, Manager, Financial Affairs of the company.

"The results have been commendable for H1," said Al Saadi.

Net profits were QR18.2m as against QR49.6m in the corresponding period in 2008, achieving earnings per share at QR1.21, down from last year's corresponding period's figure of QR3.30.

The decline has been a result of the adverse impact of the global economic meltdown on financial markets, the officials said.

"With the onset of the crisis, we focused on operational activities, and this led the company to achieve positive results," they added.

© The Peninsula 2009 omar 1.1:zy