Riyadh – Mubasher: Arabia Insurance Cooperative Company turned to net profits before Zakat of SAR 64.35 million in the first nine months (9M) of 2023, compared to a net loss of SAR 6.66 million in the same period last year.
The company achieved earnings per share (EPS) of SAR 0.97 in 9M-23, as opposed to a loss per share of SAR 0.34 in 9M-22, according to the initial income statements.
The gross written premiums (GWP) increased by 39.20% year-on-year (YoY) to SAR 792.98 million in 9M-23 from SAR 569.66 million.
Income Statements for Q3-23
During the third quarter (Q3) of 2023, the firm also shifted to net profits before Zakat of SAR 27.60 million, reversing from a net loss of SAR 9.54 million in Q3-22.
The GWP reached SAR 186.38 million in Q3-23, down by 5.13% annually from SAR 196.46 million.
On a quarterly basis, the net profits in Q3-23 rose by 9.58% from SAR 25.18 million in Q2-23, while the GWP dropped by 37.21% from SAR 296.85 million.
Accumulated Losses
Arabia Insurance reported accumulated losses of SAR 22.713 million as of 30 September 2023, accounting for 4.30% of the SAR 530 million capital. The amount marked a decline from the SAR 44.93 million accumulated losses registered as of 30 June this year.
It is worth noting that during the first half (H1) of 2023, the listed insurer generated net profits worth SAR 36.75 million as well as GWP of SAR 606.60 million.
