Arabian Shield net profit declines 50.5% in FY2019
Arabian Shield Cooperative Insurance Co.'s net profit before Zakat and tax slumped 50.59% year-on-year (YoY) to SAR 16.94 million for the fiscal year (FY) 2019, as compared to SAR 34.29 million a year earlier.
Gross Written Premium (GWP)
Net Profit Before Zakat & Tax
This was due to an increase in net incurred claims by 35%, a rise in earned commission income by 3%, and a decrease in other underwriting costs, the insurer said in a bourse statement.
Total comprehensive income for FY2019 decreased by 56% to reach SAR 9.97 million as compared to SAR 22.89 million in FY2018.
The fourth quarter net profit dropped 32.7% to reach SAR 12.63 million.