Riyadh – Mubasher: Amana Cooperative Insurance turned profitable in fiscal year 2016, according to a bourse statement.

The company generated net profits of SAR 11.72 million ($3.13 million) in FY16, against losses of SAR 12.77 million ($3.4 million) in FY15.

Amana’s positive results are mainly attributed to a decline in compensation for the damages incurred, and costs of underwriting insurance policies.

The company’s stock fell 0.26% to SAR 18.90 on Wednesday.