KSA - AXA sees 32% higher profits in Q1-20
Friday, 06 05 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
The net profits before zakat of AXA Cooperative Insurance Company rose by around 31.6% to SAR 35.31 million during the first quarter (Q1) of 2020, when compared to SAR 26.83 million in the year-ago period.
The rise in net profits is driven by a higher surplus from insurance operations following the improvement of accident and property sectors and the increase in investment income, according to the company's interim financial results for Q1-2020.
On a quarterly basis, the net profits climbed by 23.4% in the first three months of 2020, when compared to SAR 28.62 million in Q1-19.
The earnings per share (EPS) stood at SAR 0.59 in Q1-20, compared to SAR 0.43 in the corresponding period of 2019.
It is noteworthy to mention that in 2019, the company's net profits reached SAR 108.47 million, up by 41.93% year-on-year (YoY) from SAR 76.42 million in 2018.