The financial statements of Al-Ahlia Cooperative Insurance Company showed a significant increase in the company's losses during the first quarter of this year by 7732% on an annual basis.
According to the results of the company for the Saudi market (Tadawul) today, the losses for the period amounted to 3.92 million riyals, compared to the losses of the first quarter of last year amounting to 50 thousand riyals. p>
The company said in a statement to the stock exchange that the increase in losses during the comparison periods is due to 4 factors, the first of which is the increase in the net claims incurred, as the first quarter of 2020 amounted to 39.3 million Riyals, compared to the same quarter of the previous year, amounted to 30.4 million riyals.
As for the second factor, it is to form another provision in the amount of 5.3 million riyals in the current quarter. The third factor is the decrease in other income, as it reached 492 thousand for the first quarter of this year compared to the same quarter of 2019 in the amount of 2.1 million riyals.
As for the fourth and final factor, it is the increase in general and administrative expenses, as it reached 11.4 million in the first quarter of this year compared to the same quarter of the previous year in the amount of 10.8 million riyals.
