Saudi Re achieves $12.8mln net profits in nine months
During the third quarter of 2021, Saudi Re posted a YoY decline of 27.5%
Image for illustrative purposes. An investor monitors a screen displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh, Saudi Arabia January 18, 2016.
REUTERS/Faisal Al Nasser
By Staff Writer, Mubasher
Riyadh – Saudi Reinsurance Company (Saudi Re) announced a 36.5% year-on-year (YoY) increase in net profits before Zakat to SAR 47.89 million during the first nine months of 2021, compared to SAR 35.07 million.
Earnings per share went up to SAR 0.42 at the end of September 2021 from SAR 0.31 in the same period a year ago, according to the interim financial results on Sunday.
During the third quarter (Q3) of 2021, Saudi Re posted a YoY decline of 27.5% in net profits to SAR 11.42 million from SAR 15.75 million.
On a quarterly basis, the net profits in Q3-21 were 32% lower than SAR 16.89 million in Q2-21.
Saudi Re attributed the annual decrease in Q3-21 profits to higher incurred claims by 32% to stand at SAR 165.4 million.
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