19 January 2010
RIYADH: Tawuniya, Saudi Arabia's leading insurer, posted a 193 percent rise in fourth-quarter net profit, but missed its own forecast after floods that hit Jeddah in December.
Tawuniya made SR101.5 million ($27.1 million) in the three months to end-December, up from SR34.6 million a year earlier, it said in a statement on the bourse website. The company's Chief Executive Ali Al-Subaihin said in October that he expected earnings in the fourth quarter to at least match the SR125.6 million it made in the third quarter of 2009.
RIYADH: Tawuniya, Saudi Arabia's leading insurer, posted a 193 percent rise in fourth-quarter net profit, but missed its own forecast after floods that hit Jeddah in December.
Tawuniya made SR101.5 million ($27.1 million) in the three months to end-December, up from SR34.6 million a year earlier, it said in a statement on the bourse website. The company's Chief Executive Ali Al-Subaihin said in October that he expected earnings in the fourth quarter to at least match the SR125.6 million it made in the third quarter of 2009.
© Arab News 2010
