Al-Rajhi Company for Cooperative Insurance achieved a growth of 87% in the quarterly profits before zakat to reach 95.7 million riyals during the second quarter of 2020, compared to 51 million riyals in the same Quarter of last year.
According to Arabiya Net, the company recorded half-profits amounting to 132 million riyals during the period ending on 06/30/2020, compared to profits of 55.4 million riyals during the same period From the previous year, up 138%.
The company said that the increase in net profit before zakat is mainly due to the improvement in the cost of claims by 30.79% against the decrease in net earned premiums by 15.62% and the increase in general and administrative expenses compared to the period. Similar from last year. In addition to the improvement in the cost of claims by 53,370 by 12.31% compared to the decrease in net earned premiums by 15,672 thousand riyals by 2.66% and the decrease in general and administrative expenses compared to the previous quarter.
The profits of Al-Rajhi Cooperative Insurance Company, before zakat, increased to 36.3 million riyals at the end of the first quarter of 2020, compared to 4.38 million riyals in the same quarter of last year. / p>
The company attributed the reason for the increase in profits during the current quarter compared with the same quarter of the previous year to an improvement in the cost of claims by the value of 193,282 thousand riyals by 30.83%. On the other hand, the net earned premiums decreased by 102,206 thousand riyals by 14.78% and the general and administrative expenses increased compared to the same quarter of last year.
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