Riyadh – Mubasher: Salama Cooperative Insurance Company posted its interim financial results for the second quarter of 2019.

The company turned to losses with SAR 49.95 million in Q2-19, against profits of SAR16.31 million in Q2-18, according to a filing to the Saudi Stock Exchange (Tadawul) on Wednesday.

The gross written premiums (GWP) of the Saudi insurance company declined by 38.71% year-on-year to SAR 137.44 million during the three-month period ended June.

For the first half of 2019, Salama posted SAR 35.37 million in losses, versus profits of SAR 9.02 million in H1-18.

Salama’s GWP plunged by 38.7% to SAR 388.4 million in H1-19, compared to SAR 470.5 million in the same period of the previous year.

By the end of June, loss per share stood at SAR 2.12, while profit per share recorded SAR 0.53 in the corresponding period of 2018.