Arabia Insurance Cooperative posts 875% surge in 2023 net profit

Arabia Insurance Cooperative posts 875% surge in 2023 net profit

Riyadh – Mubasher: Arabia Insurance Cooperative Company logged an 875.19% year-on-year (YoY) surge in net profit after Zakat attributable to shareholders to SAR 60.46 million in 2023 from SAR 6.20 million.

Insurance revenues jumped 49.64% YoY to SAR 838.94 million last year from SAR 560.65 million, according to the annual financial results.

The earnings per share (EPS) reached SAR 1.14 in the 12-month period that ended on 31 December 2023, up from SAR 0.21 in 2022.

In the first nine months (9M) of 2023, the company shifted to profitability, recording a net profit of SAR 64.35 million, against net losses valued at SAR 6.66 million in 9M-22.

Arabia Insurance Cooperative posts 875% surge in 2023 net profit