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SAICO’s profits drop 5% near to SAR 16m in Q3

SAICO’s profits drop 5% near to SAR 16m in Q3
Net profits tumbled to SAR 16.39 million in Q3-17, from SAR 17.37 million in Q3-16, according to a bourse filing
SAICO
8100
-0.32% 12.50 -0.04

Riyadh – Mubasher: The Saudi Arabian Cooperative Insurance Company’s (SAICO) on Sunday stated that its net profits decreased by 5.65% year-on-year in the third quarter of 2017.

Net profits reached SAR 16.39 million in Q3-17, compared to SAR 17.37 million in Q3-16, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, profits surged 42.38%.

The drop in year-on-year net profits to a rise in general and administration expenses by 4%, a drop in revenues of policy holders investments by 31%, in commissions income in other underwriting revenues by 17%, and in other income by 82%.

At the level of the first nine months of 2017, net profits fell 8.2% to reach SAR 37.3 million, compared to SAR 40.64 million in the corresponding period in the year earlier.

SAICO’s stock lost 1.57%, closing at SAR 18.86 on Sunday.