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FINANCIAL NEWS
Saudi UCA reports USD1.73m income in Q2
20 Jul 2012
(MENAFN) United Cooperative Assurance Company (UCA) said that net income reached USD1.73 million in the second quarter, a decline of 31.5 percent from the USD2.53 million posted in last year’s same period, according to a statement on the Saudi Stock Exchange.
The company added that net income, before Zakat and income tax, plunged by 35.7 percent in the second quarter to USD1.91 million, compared with USD2.98 million recorded a year earlier.
Moreover, total Gross Written Premiums (GWP) reached USD61.80 million, a rise by 1.89 percent from 2011’s USD60.65 million.
It is worth noting that UCA’s Net Written Premiums (NWP) fell by 11.3 percent from last year’s second quarter of USD45.37 million to USD40.25 million.
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