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MIC posts net income of $0.32 million at the end of 2014

2015-02-17

According to Al-Mashriq Insurance Company MIC’s consolidated data for year-end preliminary financial statements for year 2014, net profit after tax reached 325,585 USD, compared with a net profit after tax of 151,858 USD in the audited data for 2013, a net increase of 114.4%. Total assets of the company reached 26,566,551 USD as of December 31^st, 2014, compared to total assets of 18,563,610 USD as of December 31^st, 2013, a net increase of 43.1%. Total liabilities of the company reached 20,543,822 USD as of December 31^st, 2014, compared to total liabilities of 17,579,958 USD as of December 31^st, 2013, a net increase of 16.9%. Net ownership equity of the company reached 6,022,729 USD (including 4,834,570 USD in Non-controlling interest) as of December 31^st, 2014, compared with a net ownership equity of 983,652 USD as of December 31^st, 2013, a net increase of 512.3%. MIC failed to disclose its year-end preliminary financials within the statutory period ended on February 15^th, 2015. PEX received MIC disclosure on February 17^th, 2015.