Riyadh – Mubasher: Arabia Insurance Cooperative Company posted net profits before Zakat worth SAR 36.75 million during the first half (H1) of 2023, an annual leap of 1,175% from SAR 2.88 million.
Earnings per share (EPS) amounted to SAR 0.56 in January-June 2023, versus SAR 0.03 in the year-ago period, according to the initial income statements.
In the first six months (6M) of 2023, the gross written premiums (GWP) hiked by 62.54% year-on-year (YoY) to SAR 606.60 million from SAR 373.19 million.
Income Statements for Q2-23
During the second quarter (Q2) of 2023, the firm generated SAR 25.18 million in net profit before Zakat, up 107.06% from SAR 12.16 million in Q2-22.
The gross written premiums hit SAR 296.85 million during the April-June 2023 period, an annual increase of 89.71% from SAR 156.47 million.
On a quarterly basis, the net profits in Q2-23 jumped by 117.84% from SAR 11.56 million in Q1-23, while the GWP declined by 4.16% from SAR 309.75 million.
Accumulated Losses
Arabia Insurance suffered accumulated losses valued at SAR 44.93 million as of 30 June 2023, representing 8.50% of the SAR 530 million capital.
