Riyadh – Mubasher: The Company for Cooperative Insurance’s (Tawuniya) profits rose 11% year-on-year to SAR 243.89 million ($65 million) in the second quarter of 2016 from SAR 219.68 million ($58.58 million).
The increase in the company’s net profits is attributed to insurance operation surplus which grew 96.35% due to an increase in insurance operation revenues by 27.96%, according to a bourse filing.
The company’s profits fell 3.32% in H1-16 to SAR 305.4 million from SAR 315.9 million in the year-ago period.
Lower H1 profits were due to the decrease in profits from policy holders and the shareholders’ investments by 45.60% and 63.27%, respectively.
