Riyadh – Mubasher: Saudi Re for Cooperative Reinsurance Co on Monday said it turned to profitability in the second quarter of 2017, against losses in the year-ago period.
Net profits before zakat amounted to SAR 13.41 million in Q2-17, against losses of SAR 8.93 million in Q2-16, according to the company’s statements to the Saudi Stock Exchange (Tadawul).
The Tadawul-listed firm attributed turning to profitability to a decrease in net claims incurred by 84%.
Net claims incurred slid 83.9% to SAR 91.94 million in Q2-17, from SAR 569.12 million in the corresponding period in the year earlier.
Accumulated losses stood at SAR 187.5 million, making up 18.7% of capital by the end of Q2-17.
At the level of the first six months of 2017 the company achieved SAR 20.89 million in net profits before zakat, against losses of SAR 26.63 million in H1-16.
The stock increased 1.38% on Monday, closing at SAR 6.63.
