Riyadh - Mubasher: Al Sagr Cooperative Insurance reported a decline in profits by 88.06% year-on-year in the second quarter of the year.
Profits amounted to SAR 6.9 million in Q2-17, compared to SAR 58.1 million for Q2-16, however, profits grew by 36.1% quarter-on-quarter, as it totalled SAR 5.1 million in Q1-17, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Sunday.
The company attributed the drop in profits to the decrease in net premiums earned by 73%.
As for the first half of 2017, profits fell by 90.7% and reached SAR 12.1 million, compared to SAR 130.6 million in H1-16.
