Riyadh – Mubasher: Malath Insurance on Sunday reported a 5.1% year-on-year growth in net profits for the second quarter of 2018.
The company posted SAR 5.29 million ($1.41 million) during Q2-18, up from SAR 5 million ($1.33 million) in the year-ago period, according to a statement to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, however, profits tumbled 47.18% from SAR 10 million.
The Saudi insurance firm attributed the slight rise in Q2-18 profits to a higher income from investments, whereas net incurred claims slid 49%.
At the level of the first six months of 2018, Malath Insurance’s profits increased 10.2%, reaching SAR 15.31 million, compared to SAR 13.90 million in H1-17.
The increase in H1-18 profits came on the back of a 52% drop in net incurred claims added to higher income from investments.
By 10:57 am Saudi time, the stock fell 2.38% to SAR 14.76.
