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TASMAR's Q2 profits fall to 911K riyals
Tawuniya Insurance Company ended the second quarter of 2026 with a net loss of 911 thousand riyals, compared to a profit of 1.01 million riyals in the same period of the previous year, representing a decrease of approximately 9.98%. This decline was due to an increase in reinsurance contract expenses, which rose by 2,927% to 34.45 million riyals, along with a 47% rise in operating expenses. Despite a 2.3% increase in insurance revenue to 102.82 million riyals for the quarter, profits declined significantly. The net profit after Zakat and for shareholders was 3.9 million riyals during the first six months of 2026, compared to 3.97 million riyals in the same period of the previous year, with insurance revenues growing by 4.3% and insurance results increasing by 118%. Additionally, the company recorded a 5.3% decrease in investment income, totaling 9.88 million riyals, but managed to reduce financing expenses by 27.4%.
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