Riyadh – Mubasher: The Company for Cooperative Insurance (Tawuniya) reported a drop of 43.61% in profits during the third quarter of 2017 compared to the same period a year ago, and a fall of 35.8% compared to the second quarter.
Earnings shrank to SAR 159.7 million in Q3-17 from SAR 283.2 million in Q3-16, according to a bourse statement issued on Sunday.
The decline in net profits is attributed to higher claims by 20.63%, lower net profits from the investments of certificates’ holders by 50.91%, and lower profits from investments of the company’s shareholders by 48.65%.
During the first nine months of 2017, Tawuniya posted a slight decline of 3.38% in profits to SAR 568.77 million compared to SAR 588.65 million in the corresponding period a year ago.
It is worth noting that Tawuniya achieved a growth of 2% in profits to SAR 248.76 million compared to SAR 243.89 million.
