Riyadh – Mubasher: Malath Cooperative Insurance Company on Sunday reported a 9.7% year-on-year decrease in net profits by the end of the third quarter of 2018.

Malath Insurance’s net profits before calculating Zakat amounted to SAR 10.02 million ($2.67 million) during Q3-18, down from SAR 11.1 million ($2.96 million) in Q3-17, according to a statement to the Saudi Stock Exchange (Tadawul).

The firm attributed the third-quarter profit decline to a growth in general and administrative expenses, coupled with higher operating and administrative salaries and lower net written premiums.

For the first nine months of 2018, Malath Insurance’s net profits before calculating Zakat increased by 1.4% to SAR 25.34 million, from SAR 24.99 million in the same period during 2017.

Malath Cooperative Insurance Company’s stock rose 1.89% to end Sunday’s trading session at SAR 11.88.