Riyadh – Mubasher: Saudi Re for Cooperative Reinsurance Co. on Thursday has said that its net profits rose 1.5% year-on-year in the first quarter of 2018.

Saudi Re posted SAR 7.59 million net profits during Q1-18, up from SAR 7.48 million a year earlier.

The insurance firm attributed the slight rise in net profits to a 16% growth in net earned premiums, according to a statement to the Saudi Stock Exchange (Tadawul).

Earnings per share (EPS) before calculating Zakat and tax amounted to SAR 0.94 in Q1-18, compared to EPS of SAR 0.92 in the same three months a year ago.

Shareholders’ equity, excluding minority interests, rose 3% to SAR 834.58 million during Q1-18, from SAR 809.17 million in the corresponding period of 2017.

Quarter-on-quarter, Saudi Re’s profits plunged 58.3% from SAR 18.21 million.

The stock rose 2.71%, closing Thursday at SAR 8.33.