SABB Takaful Company turned profitable in the second quarter of 2021 by about 3.25 million riyals, compared to losses of about 1.5 million riyals in the same quarter of 2020.
According to Arab Net, the net profit of SABB Takaful increased by 72.8% in the second quarter of 2021, compared to a net profit of about 1.88 million riyals in the first quarter of 2021.
The company said in a statement on Tadawul Saudi Arabia, today, Tuesday, that achieving net profit before zakat and tax for the second quarter of 2021, compared to net loss for the same quarter of the previous year, is due to An increase of SAR 6.6 million in net takaful contributions earned in the second quarter of 2021, compared to the same quarter of the previous year.
The net acquired takaful contributions amounted to 34.1 million riyals in the second quarter of 2021, compared to 27.5 million riyals in the same quarter of the previous year.
SABB Takaful indicated a decrease in changes in the reserve for applicable risks and the reserve for non-unit related items, amounting to 2.1 million riyals in the second quarter of 2021, compared to the same quarter of the previous year.
General and administrative expenses decreased by 3.3 million riyals in the second quarter of 2021, compared to the same quarter of the previous year.
The general and administrative expenses for the second quarter of this year amounted to 9.2 million riyals, compared to 12.5 million riyals for the same quarter of the previous year.
The company turned to achieving a net profit of about 5.3 million riyals in the first half of this year, compared to losses of about 11.9 million riyals in the first half of 2020.
SABB Takaful stated that its accumulated losses amounted to about 54.99 million riyals at the end of the first half of this year, equivalent to 16.17% of the capital of 340 million riyals.
