Riyadh – Mubasher: Arabian Shield Cooperative Insurance Company’s profits before Zakat hiked 178.3% in the first quarter of the year.

The company posted a net profit of SAR 20.68 million in Q1-17, rising from SAR 7.43 million reported for Q1-16.

Arabian Shield attributed the increase in net profits to higher net unearned premiums and investment income by 51% and 54%, respectively, in addition to a 23% rise in net earned commissions’ income.

Net Income after Zakat reached SAR 17.32 million in Q1-17 compared to SAR 5.26 million for the equivalent quarter of 2016, with a 229% surge, according to a bourse filing on Monday.

Net written premiums amounted to SAR 149.33 million, decreasing 5.7% from SAR 158.34 million in Q1-16.