Arab Insurance Profits Declines to SR1.9 mln during the 3Q, by 64%

The net profit before zakat of the Arab Insurance Cooperative Company decreased to SR1.9 million during the third quarter, compared to SR5 million during the same quarter of the previous year, by 63.7%.

This came after Arabia Insurance Cooperative Co. announced on Monday its interim financial results for the period ending on 2021-09-30 (nine months).

As for the net profit of shareholders’ investments, it amounted to SR685 thousand during the third quarter, compared to SR999 thousand during the same quarter of the previous year, a decline of 31.4%.

The net profit during the current period amounted to SR5.9 million, compared to SR10.14 million during the same period of the previous year, a decline of 41.59%.

Profits per share during the current period amounted to SR0.03, compared to 0.19 riyals during the same period of the previous year.

The reason behind the decrease of net profit during the current quarter compared to the same quarter of the previous year is attributed to the increase in net incurred claims.

The reason behind the increase of net profit during the current quarter compared to the previous quarter is attributed to the decrease in allowance for doubtful debts provision.

The reason behind the decrease of net profit during the current period compared to the corresponding period of the previous year is due to the increase in net incurred claims.

Certain reclassifications were made in comparative numbers to conform to the current period.

Earning/loss per share calculated after Zakat and income tax. As such, net profit after Zakat for the current period is SR873 thousand in comparison to SR5,136 thousand for the same period last year. While, net profit after Zakat for the current quarter is SR497 thousand in comparison to SR3,303 thousand for the same quarter last year.