Riyadh - Mubasher: Solidarity Saudi Takaful reported a rise in profits in the second quarter of 2017 before zakat by 36.3% year-on-year, and by 21.3% quarter-on-quarter.

The company said in a statement to the Saudi Stock Exchange (Tadawul) on Sunday that net profits amounted to SAR 12.91 million in Q2-17 compared to SAR 9.47 million for the same quarter last year.

According to the company’s statement, the increase in profits is attributed to the release in unearned premium, and the decrease in net incurred claims and policy acquisition cost.

As for the first half of the year, profits grew by 81.97% to SAR 23.56 million in the first six months of the year from SAR 12.95 million for the same period in 2016.