According to the company’s statement on the Saudi Stock Exchange website, the reason for the loss for the current year compared to the profits of the previous year is due to the deficit in the results of insurance services, which amounted to 85.8 million riyals for the current year, compared to a surplus of 30.6 million for the previous year, as a result of the increase in insurance services expenses, which amounted to 1.063 billion riyals for the current year, compared to 717 million riyals for the previous year, an increase of 346 million riyals, or 48%.
The reasons included: the increase in reinsurance contract expenses, which amounted to 60.7 million riyals for the current year, compared to 56.8 million riyals for the previous year, an amount of 3.9 million riyals, or 7%.
The net surplus share in insurance funds decreased to 1.8 million riyals for the current year, compared to 8.3 million riyals for the previous year, a decrease of 6.5 million riyals or 79%.
The reasons included: increased operating expenses, which amounted to 22.1 million riyals for the current year, compared to 18.9 million riyals for the previous year, an increase of 3.1 million riyals, or 17%.
