The financial statements of Al-Saqr Insurance Company showed a significant jump in the company's losses during the first half of this year, by an estimated rate of about 587.4% on an annual basis.
According to the company's results for the Saudi market (Tadawul) today, Thursday, losses for the period amounted to 46.15 million riyals, compared to losses for the first half of last year amounting to 6.71 million riyals.
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The company said in a statement to the Stock Exchange that the high losses during the comparison periods were due to the increase in net claims and other benefits incurred by the amount of 48.2 million riyals, by 32%, and the decrease in income from investments by an amount of 32%. 5.2 million riyals, or 35%.
On the other hand, the company achieved a net profit of 12.27 million riyals in the second quarter of this year, compared to losses of 6.39 million riyals for the same period last year.
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(Amazon Fun Knowledge)
