Riyadh – Mubasher: Solidarity Saudi Takaful on Wednesday announced that its profits in the third quarter of 2017 hiked 39%, as compared to the year-ago period.

Profits increased to SAR 19.6 million, as compared to SAR 14.1 million in Q3-16, Solidarity said in a statement to the Saudi Stock Exchange (Tadawul).

Solidarity Takaful’s Q3-17 profits rose 51.7%, against SAR 12.9 million in the previous quarter.

This bounce was due to the increasing insurance instalments, and the declining claims, and the low policy issuance costs, the company added.

Over the first nine months of 2017, the company’s profits hiked 59.6% to SAR 43.1 million, versus SAR 27 million during the corresponding period of the year before.