Dhofar Insurance report profit in Q2 despite Mekunu’s RO769k losses

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15 July 2018

Muscat (WAF): Dhofar Insurance Co. SAOG suffered 769,000 Omani Rials due to Cyclone Mekunu, the company disclosed today via Muscat Securities Market (MSM).

The company’s unaudited results shows RO661,467 in net profit in the first six months of 2018, compared to RO308,480 in net losses for the same period of 2017.

For three consecutive years, Dhofar Insurance has been the only national company in conventional insurance with losses. Earlier the this, the company increased its authorised share capital from RO20mn to RO30mn,and reduced its issued and paid-up capital from RO20mn to RO10mn.