Riyadh – Mubasher: Walaa Cooperative Insurance Company turned profitable at SAR 112.72 million in the first nine months (9M) of 2023, compared to net losses valued at SAR 48.67 million in 9M-22.
Gross written premiums (GWP) climbed by 23.46% year-on-year (YoY ) to SAR 2.46 billion in 9M-23 from SAR 1.99 billion, according to the initial financial results.
The earnings per share (EPS) hit SAR 1.21 in January-September 2023, against a loss per share of SAR 0.88 during the same period in 2022.
Income Statements for Q3-23
During the third quarter (Q3) of 2023, the insurance firm achieved SAR 44.77 million in net profit before Zakat, higher by 257.23% YoY than SAR 12.53 million.
Gross written premiums amounted to SAR 760.62 million in July-September 2023, up 27.59% year-on-year (YoY) from SAR 596.16 billion.
On a quarterly basis, the Q3-23 profits surged by 8.82% from SAR 41.14 million in Q2-23, while the GWP shrank by 38.59% from SAR 1.23 billion.
