Riyadh – Mubasher: The Company for Cooperative Insurance (Tawuniya) reported a rise of 16.14% in profits during the third quarter of 2016 as compared to the same period a year ago.
Earnings increased to SAR 283.24 million ($75.5 million) in Q3-16 from SAR 226.92 million ($60.5 million) in Q3-15, according to a bourse statement to Tadawul.
The growth in Q3 profits was due to higher operating transactions with 13.53% due to a 22.30% rise in premiums.
During the nine-month period, earnings gained 8.44% to reach SAR 588.65 million this year as compared with SAR 542.84 million in the same period of 2015.
Tawuniya clarified that a growth of 39.79% in operating transactions backed the nine-month profits, as well as higher premiums with 25.17%.
