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Tawuniya turns profitable in 9M-19

Tawuniya turns profitable in 9M-19
Profits from investment leapt by 49.2% YoY
TAWUNIYA
8010
31.49% 162.00 38.80

Riyadh – Mubasher: The Company for Cooperative Insurance (Tawuniya) reported a net profit before zakat worth SAR 109.11 million during the third quarter of 2019, against losses of SAR 22.87 million in the corresponding quarter in 2018.

The turn to profit was attributed to improved results from operations and higher income from subscription by 501% as well as higher net earned premiums by 1.95%.

The profit from investment leapt by 49.2% year-on-year, while the net claims incurred went down by 9.% in the same quarter.

On a quarterly basis, the net profits climbed 54.9% in Q3-19 when compared to SAR 70.41 million in the second quarter of 2019.

Over the first nine-month period in 2019, the company’s net profit before zakat jumped by 293.4% to SAR 225.54 million from SAR 57.33 million a year earlier.

Earnings per share (EPS) stood at SAR 1.39 in the first nine months of 2019, up from SAR 0.11 in the same period last year.