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Solidarity Q1 profits surge 207%

Solidarity Q1 profits surge 207%
(Photo archive)
SOLIDARITY
8290
-0.70% 14.20 -0.10

Riyadh – Mubasher: Solidarity Saudi Takaful net profits hiked 206.71% in the first quarter of 2017.

Net profits before zakat reached SAR 10.64 million ($2.84 million) in Q1-17 compared to SAR 3.47 million ($924,800) in the year-ago period, according to a bourse filing on Thursday.

The company attributed the increase in profits to higher earned premiums and lower net incurred claims.

Net incurred claims declined 23.78% to SAR 21.89 million in Q1-17 compared to SAR 28.72 million in Q1-16.