Al-Ahly Takaful’s financial statements showed that the first quarter’s profits for the year fell 26.5% year on year.
According to the results of the company for the Saudi market (Tadawul) today, the profits for the period (before zakat) reached 2.86 million riyals, compared to profits of 3.89 million riyals in the first quarter of the year 2019.
The company said that the decline in profits during the comparison periods is due to recording losses in shareholders ’investments in the amount of 1.456 million riyals, compared to profits amounting to 3.568 million riyals in the same quarter of the previous year.
In addition to the increase in general and administrative expenses for the current quarter by 14% compared to the same quarter of the previous year, which is mainly due to the company's expansion in the direct sales plan, which included during the current quarter The opening of a branch of the company in Riyadh.
This is despite the rise in the surplus of insurance operations for the current quarter by 267%, which is mainly due to the increase in each of the other revenues by SR 3.116 million and the increase in net insurance premiums Subscriptions increased by 10% compared to the same quarter of 2019.
