Riyadh – Mubasher: Solidarity Saudi Takaful on Sunday turned to losses in the fourth quarter of 2017, against achieving profits in the corresponding period in the prior year.

The firm’s losses reached SAR 2.9 million during Q4-17, against SAR 16.5 million in profits in the same period a year earlier, according to a statement to the Saudi Stock Exchange (Tadawul).

The Tadawul-listed company attributed the fourth-quarter loss to a decline in gross written premium and realized a retreat in shareholders’ investments.

The company’s net profits tumbled 7.64% to SAR 40.2 million the full-year 2017, compared to SAR 43.56 million in the year before.

By 12:34 pm KSA time, Solidarity Takaful’s stock decreased 7.78% to SAR 23.