The Board of Directors of Saudi Re announces to all its shareholders that the company achieved SR 26 million of profits in its first fiscal year ended 31.12.2008, the earning per share reached 0.26 Riyal.
The Chairman of the Board of Directors, Mr. Mousa Al Rubaian, reports that this profit was achieved after covering all the pre-operational expenses and the IPO costs and was generated by the revenues on the capital in highprofit short-term investments. Furthermore, Saudi Re has been focusing on building its infrastructure last year and introducing its role and capabilities as a reinsurance company in the Saudi market and other Arab countries which was welcomed by the insurance companies in the Kingdom and the region at large.
