Riyadh – Mubasher: Walaa Cooperative Insurance Company shifted towards profitability in 2023, recording a net profit after Zakat attributable to shareholders of SAR 147.97 million, compared to a net loss of SAR 68.08 million a year earlier.
Insurance revenues grew 12.26% year-on-year (YoY) to SAR 2.88 billion last year from SAR 2.57 billion in 2022, according to the annual financial results.
The company reported earnings per share (EPS) of SAR 1.74 during the 12-month period that ended on 31 December 2023, versus a loss per share of SAR 0.99 the year before.
Moreover, the gross written premiums (GWP) for the current year amounted to SAR 3.34 billion, up 26.66% YoY from SAR 2.64 billion.
It is worth noting that Walaa Cooperative Insurance swung to profitability in the first nine months of (9M), registering a net profit of SAR 112.72 million, against a net losses valued at SAR 48.67 million in 9M-22.
