Riyadh – Mubasher: Gulf Union Alahlia Cooperative Insurance Company suffered net losses before Zakat worth SAR 103.59 million in the first half (H1) of 2021, against profits of SAR 4.49 million in H1-20.

The loss per share stood at SAR 4.6 in H1-21, versus earnings per share of SAR 0.19 in H1-20, according to the financial results on Wednesday.

Net written premiums totalled SAR 231.32 million in H1-21, higher by 34% than SAR 171.99 million in H1-20.

At the end of June 2021, the accumulated losses amounted to SAR 75.65 million, representing 32.97% of the SAR 229.47 million capital.

During the second quarter (Q2) of 2021, Gulf Union Alahlia also turned to losses of SAR 46.8 million, against net profits worth SAR 10.59 million in Q2-20.

On a quarterly basis, the net losses in the April-June 2021 period narrowed by 17.5% from SAR 56.79 million in Q1-21.