Riyadh – Mubasher: Allianz Saudi Fransi Cooperative Insurance Company logged net profits before Zakat worth SAR 33.83 million in the first nine months (9M) of 2023, an annual leap of 392.16% from SAR 6.87 million.
Earnings per share (EPS) hit SAR 0.39 as of 30 September 2023, versus a loss per share valued at SAR 0.03 a year earlier, according to the financial results.
The gross written premiums (GWP) increased by 27.95% to SAR 794.43 million in 9M-23 from SAR 620.90 million in 9M-22.
Income Statements for Q3-23
During the third quarter (Q3) of 2023, the insurance firm generated SAR 7.16 million in net profit before Zakat, lower by 45.57% YoY than SAR 13.15 million.
Gross written premiums amounted to SAR 253.89 million in July-September 2023, up 70.37% year-on-year (YoY) from SAR 149.01 million.
On a quarterly basis, the Q3-23 profits plunged by 45.61% from SAR 13.16 million in Q2-23, while the GWP retreated by 8.20% from SAR 276.56 million.
In the January-March 2023 period, Allianz Saudi Fransi turned profitable at SAR 13.50 million, against net losses valued at SAR 1.45 million in Q1-22.
