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Buruj Cooperative’s profits drop 7.5% in 2021

Buruj Cooperative’s profits drop 7.5% in 2021
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BURUJ
8270
1.35% 16.56 0.22

Riyadh – Mubasher: Buruj Cooperative Insurance Company has recorded net profits before Zakat worth SAR 15.77 million last year, a decline of 7.58% from SAR 17.06 million in 2020.

The earnings per share (EPS) decreased to SAR 0.14 in 2021 from SAR 0.19 in 2020, according to bourse disclosures on Thursday.

The company witnessed a hike of 54.53% in net written premiums (NWP) to SAR 253.71 million last year from SAR 164.17 million in 2020.

Moreover, the net incurred claims plunged by 14.47% year-on-year (YoY) to SAR 94.35 million in 2021 from SAR 110.33 million.

It is worth noting that during the first half (H1) of 2021, the net profits of Buruj Cooperative before Zakat reached SAR 4.13 million, a decline of 42% from SAR 7.15 million in H1-20.