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Riyadh – The net profit before Zakat of The Company for Cooperative Insurance (Tawuniya) plunged year-on-year (YoY) by 20.9% to SAR 89.9 million in the third quarter (Q3) of 2021 from SAR 113.79 million.
On a quarterly basis, the net profits in Q3-21 were 45.8% lower than SAR 165.93 million in Q2-21, according to the initial financial results on Thursday.
The company attributed the decline in July-September 2021 profits to an increase of SAR 79.52 million in other operating expenses.
During the first nine months of 2021, Tawuniya registered a YoY decrease of 17.6% in net profits to SAR 336.65 million from SAR 408.96 million.
Earnings per share went down to SAR 2.14 at the end of September 2021 from SAR 2.8 in the same period last year.
Source: Mubasher
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