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Business, Economy

SAIB reports $139 million Q1 net profit

its assets increased by 20.08 percent to $43.65bn.

Nissan forecasts $5.3bn annual net loss

Last year, it announced 9,000 job cuts worldwide.

Saudia to acquire 20 wide-body aircraft

10 of these being acquired for its flydaeal low-cost airline

ADIB’s Q1 net profit $517 million

Q1 2025 net profit before tax increased 18% YoY.

Emirates Islamic Q1 profit $394m

The bank's profit crossed AED 1bn mark for the first time.

Axa insurance Q3 premiums down 7 percent

Axa said the fall in net profit can be attributed to the overall decrease in insurance results.
By TRENDS Desk
November 7, 2021 3:42 pm
  • The firm's total comprehensive income also dropped 36 percent to 38 million riyals.
  • Axa said the fall in net profit can be attributed to the overall decrease in insurance results and an increase in investment income.

A fall of 7 percent in gross written premiums in the third quarter of 2021, as compared to a year earlier, led to a decline in the earnings of Axa Cooperative Insurance, a Saudi-listed  insurer.

The company said in a Tadawul filing that its net profit for the Q3 was 45.44 million riyals ($12.1 million), down by 18.34 percent from 55.6 million riyals in the same period last year.

The firm’s total comprehensive income also dropped 36 percent to 38 million riyals. Its net written premiums also fell 5.8 percent to 326.9 million riyals.

Axa said the fall in net profit can be attributed to the overall decrease in insurance results and an increase in investment income.

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