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Q1 net loss fell to SR39.9 million from SR58.4 million a year earlier Accumulated net loss has exceeded 35 percent of capital Updated 34 min 27 sec ago Arab News May 23, 2021 13:42 RIYADH: Al Sagr Cooperative Insurance Co. posted a narrower first-quarter loss as it worked to turn around its loss-making medical portfolio. Net losses fell to SR39.9 million ($10.6 million) from SR58.4 million in the first quarter of 2020, but were higher than the SR30.3 million loss reported for the final quarter of last year, Al Sagr said in a filing to the Saudi stock exchange. Gross written premiums dropped 29 percent from a year earlier to SR68.8 million and by 10.5 percent from the prior quarter. ....
Salama posts highest Q1 profit since 2011 Jassim Alseddiqi, chairman, Salama. The company has achieved significant growth in net investment income. Islamic Arab Insurance Company, listed as ‘Salama’ reported a net income of Dh24.22 million in the first quarter of 2021, its highest Q1 net profit since 2011, and an increase of 84.43 per cent compared to Dh13.13 million in the first quarter of 2020. Salama started the year on a strong note, continuing the upward trend in achieving its strategic objectives. In particular, the company delivered a solid performance in improving core business profitability and investment income, which increased by 60.05 per cent to Dh12.25 million in the first quarter of 2021, compared to Dh 7.65 million in the same period last year. ....
Islamic Arab Insurance Company (Salama) has announced its preliminary results for the 2020 fiscal year, with a significant growth in net proft for the year to Dh136.13 milliion, more than double last year. ....