Siddhartha Premier Insurance Reports 37.67% Decline in Net Profit for Second Quarter

Kathmandu – Siddhartha Premier Insurance Limited has released its financial statement for the second quarter of the current fiscal year, revealing a decline in net profit despite a slight increase in net insurance premium income.

The company posted a net profit of Rs 225 million in the second quarter, a 37.67 percent drop from the Rs 360.9 million earned during the same period last year. This decline in profitability comes alongside a reduction in the company’s total income, which decreased from Rs 1.33 billion in the previous fiscal year to Rs 1.30 billion in the current fiscal year.

However, the company experienced growth in its net insurance premium income, which rose from Rs 792 million last year to Rs 803.9 million this fiscal year.

As of the second quarter, Siddhartha Premier Insurance maintains a strong financial position with a paid-up capital of Rs 2.80 billion. The company has a share premium of Rs 400,000, a special reserve of Rs 2.5 billion, retained earnings of Rs 1.31 billion, and over Rs 190 million in its disaster fund. The company’s earnings per share (EPS) stand at Rs 16.0, while its net worth per share is valued at Rs 287.34.