Riyadh – Mubasher: Solidarity Saudi Takaful earned a net of SAR14.2 million before zakah in March 2016 and recorded a net profit of SAR4.75 million during the first quarter of 2016, Solidarity’s financial statements revealed.   

Until the end of March, the company’s accumulated losses reached SAR321.7 million, or 57.98% of capital, the company said in a bourse filing.

Moreover, its total and net written premiums stood at SAR31.4 million and SAR28.5 million respectively during March, the company indicated.  

Saudi Takaful operates with a paid-in capital of SAR555 million, distributed over 55.5 million shares at a par value of SAR10 each.

In February, the company registered a net loss of SAR10.37 million before zakah, thus logging a two-month net loss of SAR9.5 million.

Meanwhile in January, the company earned SAR0.87 million.