Riyadh – Mubasher: SABB Takaful on Wednesday said its net profits plunged 24.84% year-on-year in the third quarter of 2017.

Net profits decreased to SAR 2.06 million in Q3-17, from SAR 2.75 million in Q3-16, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, profits increased 15.5%.

The company attributed the decline in its year-on-year net profits to a drop in the revenues of fees and commissions by 24.3%, in investments income by 26%, and to a growth in surrenders and maturities by 9.4%.

At the level of the first nine months of 2017, SABB Takaful’s net profits slumped 36.11% to SAR 5.97 million, from SAR 9.34 million in the corresponding period in the year earlier.

The stock tumbled 7.01%, closing at SAR 23.35 on Tuesday.