Amana Cooperative Insurance shifts to profitability in 2023

Amana Cooperative Insurance shifts to profitability in 2023

Riyadh – Mubasher: Amana Cooperative Insurance Company turned to profitability in 2023, recording a net profit after Zakat attributable to shareholders of SAR 25.43 million, compared to a net loss of SAR 48.18 million a year earlier.

Insurance revenues dropped 22.32% YoY to SAR 184.63 million last year from SAR 237.70 million, according to the annual financial results.

The company reported earnings per share (EPS) of SAR 0.59 in 2023, against a loss per share of SAR 1.70 in 2022.

The accumulated loss has recorded SAR 186.56 million, making up 43.39% of the company’s capital.

Amana Cooperative Insurance posted SAR 31.47 million worth of net profits before Zakat in the first nine months (9M) of 2023, versus a net loss of SAR 51.84 million in the same period of 2022.

Amana Cooperative Insurance shifts to profitability in 2023