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Al Rajhi Company’s Q1 profit falls 89%

Al Rajhi Company’s Q1 profit falls 89%
Net profits before zakat reached SAR 4.3 million in Q1-19
ALRAJHI TAKAFUL
8230
55.34% 110.60 39.40

Riyadh – Mubasher: Al Rajhi Company for Cooperative Insurance reported an 89.4% year-on-year profit decline in the first quarter of 2019.

Net profits before zakat reached SAR 4.3 million in Q1-19, compared to SAR 41.3 million in Q1-19, the company said in a statement to the Saudi Stock Exchange (Tadawul) on Sunday.

Similarly, net written premiums of the insurance company plunged 16% to SAR 826 million during the first three months of 2019, from SAR 984 million in the same period of the prior year.

Earnings per share (EPS) stood at SAR 0.11% in Q1-19, versus SAR 1.03 in the corresponding period in the year before.  

The decrease in Q1-19 profit before Zakat was ascribed to net underwriting deficit of SAR 18,271, against underwriting surplus of SAR 26,952 in Q1-18

It is also attributed to the decrease in net contributions earned by 3.03% and an increase in net claims incurred by 6.15% due to the increase in claims cost, the company said.