Allianz Saudi Fransi incurred losses of 4.5 million riyals during the 6-month period, compared to profits of 18 million riyals in the same period last year.
According to Arabiya Net, the company's profits rose to 10.3 million riyals in the second quarter, compared to 6.7 million riyals in the same quarter of last year.
The reason for the decrease in net profit before zakat is mainly due to the decrease in net revenues by 11.8% (SAR 292.9 million versus SAR 332.3 million), offset by an increase in General and administrative expenses by 15.6% (68.9 million Saudi riyals compared to 59.6 million Saudi riyals).
The main reason for the increase in general and administrative expenses is the investment in structuring the company to support the growth expected for 2020.
The company management takes measures to balance expenses with the level of productivity achieved.
(Amazon fun knowledge)
