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Buruj Cooperative board recommends no dividends for 2019

Buruj Cooperative board recommends no dividends for 2019
The decision aims to support the company’s financial position
BURUJ
8270
2.89% 17.10 0.48

Riyadh – Mubasher: The board of Buruj Cooperative Insurance Company has recommended not to distribute any dividends for the fiscal year (FY) ended 31 December 2019.

The decision aims to support the company’s financial position, according to a statement to the Saudi Stock Exchange (Tadawul).

Buruj reported a 79% decline in net profit before Zakat for 2019 to SAR 15.2 million, down from SAR 72.4 million in 2018, due to the decrease in underwriting surplus by 67.8%, net earned premiums by 21.1%, and policy issuance fees by 95.2%.

Meanwhile, net incurred claims and premium deficiency reserves increased by 4.3% and 328.8%, respectively.