Bupa Arabia for Cooperative Insurance on Tuesday said that its net profits retreated 47.71% year-on-year in the fourth quarter of 2017.
Net profits declined to SAR 101.17 million during Q4-17, from SAR 193.5 million in Q4-16, according to a statement to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, profits levelled down 53.38%.
The cooperative insurance firm attributed the decrease in its year-on-year net profits to a drop in underwriting results by SAR 106.64 million due to a growth in net claims.
Bupa Arabia for Cooperative Insurance’s annual results revealed 20.63% decrease in profits, reaching SAR 500.6 million during 2017, compared to SAR 630.7 million in 2016.
The stock inched down 0.39%, closing Monday at SAR 83.83.