The net losses of Buruj Cooperative Insurance Company increased by 5.4% in the third quarter of 2020 to reach 10.36 million riyals, compared to 9.8 million riyals in the same quarter of last year.
According to Arabiya Net, the company clarified in a statement that the increase in net losses is due to the decrease in net profit from the total investments of policyholders and shareholders, and the increase in the allowance for doubtful debts.
The results of the company revealed in the first nine months of 2020, achieving net losses of 2.22 million riyals compared to net profits of 10.6 million riyals for the same period in 2019.
>
Buruj Insurance profits jumped in the second quarter of 2020, by 577% to 20 million riyals, compared to 2.96 million riyals in the second quarter of 2019.
>
