Riyadh – Mubasher: Aljazira Takaful Taawuni Co on Monday reported a 7.3% year-on-year rise and an 18.39% quarter-on-quarter surge in net profit for the fourth quarter of 2017.
Net profit stood at SAR 8.09 million in Q4-17, up from SAR 7.53 million in the same period a year earlier, according to a filing to the Saudi Stock Exchange (Tadawul).
The company attributed the increase in Q4-17 net profit to the rise in the surplus from insurance operation by 28%, due to the increase in net insurance revenue by 3% and increase in other income by 418%.
On the other hand, shareholder investments return fell by 23%, while net incurred claims rose by 30% and general and administrative expenses of insurance operation and shareholders operation by grew 19% and 34%, respectively.
Meanwhile, net profit rose 19.87% to SAR 31.07 million in 2017, compared to SAR 25.9 million in the year before.
Aljazira Takaful’s stock closed Sunday’s trading session down 1.03% to SAR 24.87.
