Riyadh – Mubasher: Al Ahli Takaful posted on Wednesday a net profit before Zakat of SAR 9.28 million ($2.47 million) for the fourth quarter of the fiscal year 2016, 69% up from SAR 5.5 million ($1.47 million) for Q4-15.

The company attributed the year-on-year rise in Q4-16 profits to the increase in the underwriting surplus from insurance operations, according to a bourse statement.

Net profit for fiscal 2016, however, declined 3.1% to SAR 33.3 million from SAR 34.4 million for fiscal 2015.