Riyadh – Mubasher: The net losses of Buruj Cooperative Insurance Company rose by 5.4% year-on-year (YoY) during the third quarter (Q3) to reach SAR 10.4 million.

The higher loss resulted from a decrease of 41.44% in combined net profit of policyholders and shareholders’ investment, coupled with an increase in the allowance for doubtful debt provision, Buruj said in a statement to the Saudi bourse on Thursday.

During the nine-month period ended in September 2020, the company swung back to a net loss of SAR 2.22 million, compared with a net profit of SAR 10.6 million in the last-year period.