Riyadh – Mubasher: The Mediterranean and Gulf Insurance and Reinsurance Company (MedGulf) on Sunday announced that it has turned to loss for the third quarter of 2018.

Net losses amounted to SAR 79.79 million in Q3-18, against a profit of SAR 60.12 million in Q3-18, according to a filing to the Saudi Stock Exchange (Tadawul).

The Saudi firm attributed the negative turn in its third-quarter financials to a drop in the result of the initial public offering (IPO) by 76.7%.

For the first nine months of 2018, the company’s losses decreased by 75.2% to SAR 111.7 million, compared to SAR 450.17 million in the same period of the previous year.

By 11:31 am KSA time, MedGulf’s stock went down 0.92% at SAR 15.12.