RIYADH: Bupa Arabia for Cooperative Insurance Co. reported a net profit drop of 32.8 percent to SR94 million ($25 million) after zakat in the first quarter against the same period last year, according to a bourse filing.
The company attributed the drop in net profit to a number of factors including an increase in net claims, policy acquisition costs, and operating expenses.
Its net profit however increased by over 370 percent when compared with the SR20-million profit reported in the previous quarter.
The company’s total shareholders’ equity now stands at SR4.2 billion, up 5.59 percent compared to the same period in the previous year.