Riyadh – Mubasher: The Saudi Arabian Cooperative Insurance Company (SAICO) on Sunday posted a 16.62% year-on-year drop in net profits for the fourth quarter of 2017.

Net profits amounted to SAR 14.6 million during Q4-17, compared to SAR 17.53 million in the same period a year earlier, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, the company's profits levelled down 10.81%.

The insurance products and services provider attributed the decrease in net profits to a 6% decline in net earned premiums, a 12% growth in general and administrative expenses, and a 12% rise in inspection and supervision fees.

The Saudi Arabia-based insurance firm’s net profits fell 10.74% to SAR 51.9 million for the full-year 2017 from SAR 58.17 million in the year before.

SAICO’s stock inched up 0.2%, closing Thursday at SAR 20.18.