Riyadh – Mubasher: The net profit after Zakat attributable to the owners of Salama Cooperative Insurance Company amounted to SAR 30.12 million in 2024, marking a 41.28% decrease from SAR 51.30 million in 2023.
The insurance revenues fell by 15.43% year-on-year (YoY) to SAR 678.47 million as of 31 December 2024, compared to SAR 802.28 million in the previous year, according to the financial results.
Meanwhile, the earnings per share (EPS) dropped to SAR 1.23 in 2024 from SAR 2.68 in 2023.
Accumulated Losses
The accumulated losses of Salama Cooperative reached SAR 5.60 million in 2024.
Therefore, the amount registered as of 31 December 2024 represented 2.80% of the company’s SAR 300 million capital.
It is worth noting that in the first nine months (9M) of 2024, Salama Cooperative posted a 36.30% plunge in net profit after Zakat attributable to the owners which amounted to SAR 27.36 million, compared to SAR 42.97 million in the same period of 2023.
Meanwhile, the insurance revenues dropped by 8.93% to SAR 542.90 million in the nine-month period of 2024 from SAR 596.20 million in the corresponding period of the previous year.
The EPS hit SAR 1.37 in 9M-24 when compared with SAR 2.81 in 9M-23.
