Riyadh – Mubasher: Saudi Arabia-based Al Sagr Cooperative Insurance on Sunday stated that its net profits retreated 71.3% in the fourth quarter of 2017, compared to the year-ago period.

Al Sagr Insurance’s net profits amounted to SAR 2.66 million during Q4-17, compared to SAR 9.26 million in the same period a year earlier, according to a bourse statement.

Quarter-on-quarter, the firm’s profits slid 64.7%.

The Kingdom-based insurance services provider attributed the decrease in net profits to a 70% growth in incurred net claims which hit SAR 45.25 million in Q4-17, compared to SAR 26.64 million in the same period in the year before.

The firm’s profits plunged 86.7% to SAR 22.2 million during the last year, from SAR 166.48 million in 2016.

By 12:13 pm KSA time, the stock fell 5.79% to SAR 23.60.