Riyadh – Mubasher: Saudi Arabian Cooperative Insurance Company (SAICO) reported a net profit before Zakat of SAR 65.06 million in the first nine months (9M) of 2023, compared to a net loss of SAR 47.73 million in the same period of 2022.
The earnings per share (EPS) reached SAR 1.98 in 9M-23, against a loss per share of SAR 1.80 in the corresponding period of the previous year, according to the financial results.
The gross written premiums (GWP) increased slightly by 0.37% to SAR 855.35 million in 9M-23, versus SAR 852.17 million in 9M-22.
Income Statements for Q3-23
In the third quarter (Q3) of 2023, the company achieved a net profit before Zakat of SAR 24.06 million, as opposed to a net loss of SAR 7.17 million in Q3-22.
The GWP stood at SAR 161.31 million in Q3-23, a 9.18% YoY decline from SAR 177.61 million.
On a quarterly basis, the Q3-23 net profits fell by 22.17% from SAR 30.91 million in Q2-23, while the GWP decreased by 29.66% from SAR 229.33 million.
Accumulated Losses
SAICO reported accumulated losses of SAR 74.55 million as of 30 September 2023, which accounted for 24.85% of the SAR 300 million capital.
It is worth noting that in August 2022, SAICO appointed Prince Ahmad bin Khalid bin Abdullah Al Saud as the company’s Chairman for a three-year term starting in June that year.
