The financial statements of Salama Cooperative Insurance Company showed the company's shift in profitability in the first half of this year compared to losses for the same period last year.
According to the company's results for the Saudi market (Tadawul) today, Thursday, the company's profits during the period amounted to 6.422 million riyals, compared to losses of 49.96 million riyals for the same period of 2019.
The company said in a statement to the Stock Exchange that the positive shift in results during the comparison periods is due to the decrease in net claims incurred by 58%, and the decrease in general and administrative expenses by 46%, which were met. Partly down by a 56% decrease in net earned premiums
The company recorded profits of 29.49 million riyals in the second quarter of this year, compared to losses for the same period last year of 35.38 million riyals.
(Amazon Fun Knowledge)
