Riyadh – Mubasher: Al Sagr Cooperative Insurance on Monday stated that its net profits retreated 71.7% year-on-year in the third quarter of 2017.

Net profits reached SAR 7.54 million in Q3-17, compared to SAR 26.66 million in Q3-16, according to a bourse statement.

Quarter-on-quarter, profits levelled up 8.8%.

The Kingdom-based insurance company attributed the decline in its year-on-year net profits to a decrease in net earned premiums by 39%.

The firm’s net profits plunged 87.6% to reach SAR 19.55 million in the first nine months of 2017, compared to SAR 157.22 million in the corresponding period in 2016.

By 1:52 pm KSA time, the stock tumbled 4.57% to SAR 24.02.