Saudi Re records loss of about SR5 mln in Q2‎

The financial statements of the Saudi Reinsurance Company “Saudi Re” showed the company’s loss in the second quarter of this year, amounting to 4.845 million riyals, compared to a net profit before zakat of 16,892 million riyals in the same period last year.

The company said in a statement to the Saudi market, “Tadawul,” today, Sunday, that the negative shift in results during the comparison periods is mainly due to unrealized losses from investments and losses resulting from foreign currency appraisal of insurance receivable balances.

The company achieved a net profit – before zakat – of 13.991 million riyals in the first half of this year, compared to profits for the same period in 2021 of 36.474 million riyals, with a decrease in profits by 61.64%.

The reason for the net loss before Zakat mainly due to the unrealized losses from investments and foreign currency revaluation for premium receivables.

The reason for the net loss before Zakat mainly due to the unrealized losses from investments and foreign currency revaluation for premium receivables.

The reason for the decrease net income before Zakat was mainly due to the decrease in net investment income and unrealized losses from foreign currency revaluation for premium receivables.

Additional Information:

The earnings per share have been calculated after Zakat and Tax.