27.2 million riyals, "Seiko" profits for the first half

The financial statements of the Saudi Arabian Cooperative Insurance Company (SAICO) showed that the company's profits in the first half of this year increased by 285.1% compared to the profits of the same period last year. < / p>

According to the company's results for the Saudi market (Tadawul) today, Monday, profits for the period amounted to 27.167 million riyals, compared to profits for the first half of last year of 7.054 million riyals.

The company said in a statement to the Stock Exchange that the increase in profits during the comparison periods is due to a decrease in net claims incurred by 37%, a decrease in the costs of underwriting insurance policies by 17%, and a decrease Inspection and supervision fees 4%, reduction of general and administrative expenses by 7%, and an increase in other underwriting revenues by 78%.

The company achieved profits of 37.211 million riyals in the second quarter of this year, compared to a profit of 4.042 million riyals for the same period last year, with an increase in profits by 820.6% .

(Amazon Fun Knowledge)