Al Somali’s retirement was approved by the company’s board by circulation, SAICO said.
The company posted a pre-Zakat net profit of 39.6 million riyals ($10.6 million) for the first nine months of 2020, up from 8.8 million riyals for the same period in 2019.
The growth has been attributed to the increase in net profit on shareholder's investments, decline in insurance claims and underwriting costs, among others.
(Writing by Imogen Lillywhite; editing by Cleofe Maceda)
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