Riyadh – Mubasher: Al Rajhi Company for Cooperative Insurance posted a 21.7% year-on-year drop in its profits for the third quarter of 2019, recording SAR 60.5 million.
Similarly, gross written premiums (GWP) plunged by 17.06% to SAR 583.3 in Q3-19, compared to SAR 703.3 million in Q3-18, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Monday.
“The decrease in Profit before Zakat is primarily due to decrease in net contributions earned by 88,102 thousand (12.11)% partly offset by an increase in both policyholder and shareholder investment income by 0.57% and 50.64 % respectively,” the statement said.
For the first nine months of 2019, net profits of Al Rajhi retreated by 32.3% year-on-year to SAR 116 million.
The company’s GWP reached SAR 1.97 billion during the nine-month period ended September, 16.35% lower from SAR 2.35 billion in the same period of the previous year.
Profit per share stood at SAR 2.47 in nine months, compared to SAR 3.93 in the same period a year ago.
