Riyadh – Mubasher: Arabian Shield Cooperative Insurance Company on Tuesday stated that its net profits levelled up 23.6% before accounting Zakat in the third quarter of 2017, compared to the year-ago period.
Net profits stood at SAR 23.14 million in Q3-17, compared to SAR 18.72 million in Q3-16, according to a bourse statement.
Quarter-on-quarter, profits rose 3.5%.
Saudi Arabia-based insurance firm attributed the increase in its year-on-year net profits to the growth in net earned premiums by 3%, and a rise in earned commission income by 24%.
At the level of the first nine months of 2017, the company’s net profits jumped 82.7% to SAR 66.16 million before accounting Zakat, from SAR 36.22 million in the same period in the year before.
By 1:03 pm KSA time, the stock declined 1.97% to reach SAR 43.20.
