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Buruj Cooperative posts 42% lower profits in H1-21

Buruj Cooperative posts 42% lower profits in H1-21
Buruj Cooperative registered net profits worth SAR 9.34 million in Q2-21
BURUJ
8270
-0.22% 18.06 -0.04

Riyadh – Mubasher: Buruj Cooperative Insurance Company achieved net profits before Zakat worth SAR 4.13 million in the first half (H1) of 2021, a plunge of 42% from SAR 7.15 million in H1-20.

Net written premiums declined also by 42% to SAR 51.8 million in H1-21 from SAR 90.38 million in H1-20, according to the financial results on Tadawul.

The net incurred claims decreased by 13.7% to SAR 52.15 million in H1-21 from SAR 60.47 million in H1-20.

In the second quarter (Q2) of 2021, Buruj Cooperative registered net profits worth SAR 9.34 million, down 53% from SAR 20.03 million in Q2-20.

On a quarterly basis, the company turned to profits in Q2-21 against net losses of SAR 5.84 million in Q1-21.