Riyadh – Mubasher: Arabian Shield Cooperative Insurance reported a net profit before Zakat of SAR 7.4 million ($1.97 million) for the first quarter of 2016, up 65% from SAR 4.5 million ($1.2 million) in the same period a year earlier.
The firm’s profit increase was due to a rise in insurance premiums by around 9% on a year-on-year basis, added to a 53% growth in investment income as well as a decline in other technical costs and operating costs by 11% and 1%, respectively, according to the company’s filing to the Saudi Stock Exchange (Tadawul) on Monday.
