FINANCIAL NEWS

Moroccan Saham Assurance posts drop in net profit for 2016

19 Mar 2017

(MENAFN) Moroccan Saham Assurance Company said in a statement that its net profit for 2016 had fallen by a 17.2% to 282m dirhams.

Also it said that net profit results were affected by an exceptional tax charge of 130m dirhams stemming from a 2012-2015 tax audit, as revenues increased 16.4% to 4.39b dirhams including a 113% increase in life insurance revenue to 774m dirhams.

On the other hand, non-life insurance revenue increased 6.1% to 3.6b dirhams.

Saham Assurance is part of Group Saham that was founded in 1995 by Moroccan tycoon and current trade and industry minister Moulay Hafid Elalamy.

MENAFN1903201700450000ID1095327130

MENAFN1903201700450000ID1095327130

More News