Riyadh – Mubasher: Malath Cooperative Insurance Company on Monday said its net profits soared 730.91% year-on-year in the third quarter of 2017.

Net profits jumped to SAR 11.1 million in Q3-17, from SAR 1.34 billion in Q3-16, according to a bourse filing.

Quarter-on-quarter, profits surged 120.43%.

Saudi Arabia-based insurance firm attributed the growth in its year-on-year net profits to the improvement in financial results of insurance activities, the decrease in incurred claims, and the drop in operating and administrative salaries.

At the level of the first nine months, Malath achieved SAR 25 million net profits, against net losses of SAR 125.4 million in the same period in the year before.

By 10:53 am KSA time, Malath’s stock rose 6.78% to reach SAR 15.90.