Al Sagr Insurance Q3 Profit Down 82.6% to SAR 3.1 Million

Al Sagr Cooperative Insurance Co. announced on Tuesday that its net profit after zakat, attributable to shareholders, amounted to 3.1 million riyals during the third quarter of 2024, compared to 17.9 million riyals in the same quarter last year, down 82.6%. This came after the announcement today of the financial results for the duration ending Sep. 30, 2024 (9 months).

The net profit of insurance results amounted to 769 thousand riyals in the third quarter, compared to 19.2 million riyals in the same quarter last year, down 95.999%.

The profits per share in the current duration amounted to 0.89 riyals, compared to 1.65 riyals in the same duration last year.

According to the company, the net profit after zakat decreased by 14.8 million Saudi riyals (83%). The main factor was the decrease in the amount recoverable from reinsurance by 15.9 million Saudi riyals. This decrease was offset by an increase in investment income of SAR 3.2 million and a reduction in operating expenses of SAR 1.7 million.