KSA - Al Alamiya reports 24% profit decline in 2019
Wednesday, 03 18 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
Al Alamiya for Cooperative Insurance Co. reported a net profit before Zakat of SAR 23.7 million for the fiscal year of 2019, a 24% year-on-year (YoY) decrease, the company said in a bourse statement.
The profit decline was attributed to lower earned written premiums and higher net incurred claims.
Q4 2019 net earnings dropped 52.2% YoY to SAR 3.2 million.