Riyadh: Malath Insurance on Sunday reported a 5.1% year-on-year growth in net profits for the second quarter of 2018.

The company posted SAR 5.29 million ($1.41 million) during Q2-18, up from SAR 5 million ($1.33 million) in the year-ago period, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, however, profits tumbled 47.18% from SAR 10 million.

The Saudi insurance firm attributed the slight rise in Q2-18 profits to a higher income from investments, whereas net incurred claims slid 49%.

At the level of the first six months of 2018, Malath Insurance’s profits increased 10.2%, reaching SAR 15.31 million, compared to SAR 13.90 million in H1-17.

The increase in H1-18 profits came on the back of a 52% drop in net incurred claims added to higher income from investments.

By 10:57 am Saudi time, the stock fell 2.38% to SAR 14.76.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2018 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.