A refuge in the collaborative insurance of the loss was shifted in the first quarter of 2021, to record losses after Zakat worth SR 2.54 million, compared with net profit 693,000 riyals in the same quarter of 2020.
According to Arab Net, the company said in a statement that its net profit before Zakat was 704,000 riyals, compared with 3.99 million riyals a net profit before Zakat in the same quarter of 2020, down 82.4%.
The cause of the decline in net profits, before Zakat, during the first quarter of 2021, compared to the same quarter of the previous year, returned to a decrease of 7.31%, mainly due to lower insurance premiums acquired to secure property and accidents By 50%, high in total claims paid by 31%.
The net profit was also affected by a decrease in reinsurance commissions by 27%, which also led to a decline in operating income by 7.54%.
The company reported that its accumulated losses amounted to SR 37.29 million by the end of the first quarter of 2021, equivalent to 7.46% of SR 500 million.
The company has achieved net profit of about 7.5 million riyals in 2020, after Zakat, compared to SR 5.2 million net profit in 2019.
