Riyadh – Mubasher: Al Etihad Cooperative Insurance Company logged lower net profits before Zakat by 27% over the fiscal year ended December 2019, the financial statements showed.
Net profits stood at SAR 64.3 million from SAR 88.14 million in 2018, according to a recent stock exchange filing.
The decrease in the annual profits is due to higher net incurred claims as well as a growth in provision for doubtful debts.
In the fourth quarter (Q4) of 2019, the net profit leaped to SAR 17 million as compared to SAR 6.36 million in the same period in 2018, posting a 168.1% rise.
It is worth remarking that in the first nine months of 2019, the insurer’s profits retreated by 42.2% to SAR 47.26 million from SAR 81.78 million in the same period a year earlier.
