Riyadh - Mubasher: The financial results of Gulf Union Cooperative Insurance Company revealed a 62% decline in profits in the third quarter of 2024, compared to the net profits for the same quarter of 2023.

According to the company's data on "Tadawul" today, Thursday, the net profit after Zakat amounted to 11.54 million riyals, compared to a net profit of about 30.35 million riyals in the third quarter of last year .

The company explained that the decline in profits is due to the decline in insurance services results, which amounted to 7.2 million riyals for the current quarter compared to 31 million for the same quarter of the previous year, i.e. a decrease of 23.8 million riyals and 77%, as a result of the increase in insurance services expenses by 62.6 million riyals, i.e. an increase of 48%.

The reason for the decrease is also due to the decline in the net share of the insurance funds’ surplus, which amounted to 42 thousand riyals for the current quarter, compared to 9 million riyals for the same quarter of the previous year, i.e. a decrease of 9 million riyals.

On a quarterly basis, the company's profits increased by 63% compared to the previous quarter's profits of 7.08 million riyals .

The company's results showed that, in the first nine months of 2024, net profits declined to 38.17 million riyals, compared to profits of 89.03 million riyals during the same period in 2023, a decline of 57.1%.