Arabian Shield posts higher profits in Q1-24; revenues hike 53%

Arabian Shield posts higher profits in Q1-24; revenues hike 53%

Riyadh – Mubasher: Arabian Shield Cooperative Insurance Company recorded net profits after Zakat attributable to the owners valued at SAR 15.77 million in the first quarter (Q1) of 2024, an annual hike of 752.35% from SAR 1.85 million. Insurance revenues jumped by 52.73% year-on-year (YoY) to SAR 397.92 million as of 31 March 2024 from SAR 260.53 million, according to the financial results. In the first three months (3M) of 2024, the earnings per share (EPS) grew to SAR 0.20 from SAR 0.03 a year earlier. Moreover, the gross written premiums (GWP) increased by 34% YoY in Q1-24. On a quarterly basis, the net profits in Q1-24 climbed by 3.05% from SAR 15.31 million in October-December 2023, while the revenues enlarged by 24.41% from SAR 319.83 million. As of 31 December 2023, the insurance firm witnessed 15,943% YoY higher net profits at SAR 65.13 million, compared to SAR 406,000.

Arabian Shield posts higher profits in Q1-24; revenues hike 53%