Riyadh – Mubasher: The Company for Cooperative Insurance (Tawuniya) posted a 4.9% year-on-year (YoY) decline in consolidated net profits before Zakat to SAR 80.81 million during the first quarter (Q1) of 2021 from SAR 85.05 million.

Tawuniya’s profit per share reached SAR 0.47 in Q1-21, compared with SAR 0.53 in Q1-20, according to the initial financial statements.

Net Written Premiums increased 7.5% YoY to SAR 2.58 billion in the first three months of 2021, compared to SAR 2.4 billion.

Quarter-on-quarter (QoQ), the company’s net profits shrank 23% from SAR 105.49 million in the fourth quarter (Q4) of 2020.

Net Written Premiums meanwhile grew 8% QoQ compared with SAR 2.28 billion in Q4-20.

It is worth noting that during 2020, Tawuniya’s net profits before Zakat increased 27.92% to SAR 514.459 million from SAR 402.165 million in 2019.