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Business, Economy

Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

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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