Riyadh – Mubasher: Saudi Arabian Cooperative Insurance Company (SAICO) announced turning profitable during the third quarter of 2019.
SAICO logged a net profit of SAR 1.71 million in Q3-19, against net losses of SAR 7.35 million in Q3-18, according to a statement to the Saudi Stock Exchange (Tadawul) on Sunday.
The company’s GWP retreated to SAR 142 million in the three-month period ended 30 September, compared to SAR 159.54 million in the year-ago period.
Quarter-on-quarter, SAICO’s net profit declined from SAR 4.04 million in Q2-19.
As for the January-September period, the Saudi company posted a net profit of SAR 8.77 million, versus a net loss of SAR 6.9 million in the corresponding period a year earlier.
The company’s GWP went down to SAR 696.182 million in the nine-month period ended 30 September, compared to SAR 742.82 million in the prior-year period.
