Riyadh – Mubasher: Salama Cooperative Insurance reported a surge in profits before zakat by 467.5% in the first quarter of 2017.

Net profits reached SAR 14.18 million in Q1-17 compared to SAR 2.5 million in the same period in 2016.

The company attributed the advance in net profits to higher net written premiums by 54%, in addition to an increase in total investment revenues of policyholder and shareholders' fund, according to a bourse filing on Tuesday.

Net profit of policyholders’ investment levelled up 128.5% to SAR 2.21 million in Q1-17 compared to SAR 966,000 in Q1-16.

Salama posted a net profit of shareholders capital investment worth SAR 744,000 against SAR 820,000 losses in the year-ago period.