Walaa Cooperative Insurance Co. reported a net profit before Zakat of SAR 9.29 million in the first nine months of 2019, a decrease of 90.28 percent, compared to a net profit of SAR 95.63 million in the same period in 2018.
Gross Written Premium (GWP)
Net Profit Before Zakat & Tax
The profit declined on a decrease in net earned premiums by SAR 74.50 million, increase in net claims and other benefits, and an increase in other underwriting expenses, the company said in a statement to Tadawul.
The third quarter net profit before Zakat also declined by 64.8 percent to SAR 7.94 million as compared to SAR 22.57 million the same period in 2018 on decrease in net earned premiums and an increase in net claims.
On a sequential basis, Q3 net profit increased on adecrease in expenses and costs.