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MIC realizes net loss of $0.06 million in 9M 2014

2014-11-02

According to Al-Mashriq Insurance Company MIC’s condensed data for the first nine months of the year, net loss reached (62,089) USD, compared with a net profit after taxes of 154,897 USD from the first nine months of 2013. Total assets of the company reached 26,170,145 USD as of September 30^th, 2014, compared to total assets of 18,563,610 USD as of December 31^st, 2013, a net increase of 41.0%. Total liabilities of the company reached 20,472,771 USD as of September 30^th, 2014, compared to total liabilities of 17,579,958 USD as of December 31^st, 2013, a net increase of 16.5%. Net ownership equity of the company reached 5,697,374 USD (including 4,521,159 USD in Non-controlling interest) as of September 30^th, 2014, compared with a net ownership equity of 983,652 USD as of December 31^st, 2013, a net increase of 479.2% in the first nine months.  MIC has been suspended from trading since 18/05/2011.