Riyadh – Mubasher: The Company for Cooperative Insurance (Tawuniya) has renewed a contract with state-owned Saudi Arabian Airlines (Saudia) to provide health insurance services for a year.

The renewal period will start from 1 March, according to a statement to the Saudi Stock Exchange (Tadawul).

Tawuniya forecast that the deal’s financial impact will be positive, while it will appear in its financial results for the first quarter of 2019.

Tawuniya last reported turning to loss in the third quarter of 2018 after incurring SAR 22.87 million, against generating a profit of SAR 159.71 million during the year-ago period.

During the first nine months of 2018, the firm’s net profits slumped 89.9% to SAR 57.33 million, from SAR 568.77 million in the prior-year period.

By 12:38 pm Saudi time, Tawuniya’s stock rose 0.98% to SAR 61.90.