Al Sagr Cooperative Insurance Co. reported a net profit of SAR 42.3 million for 2023, versus a net loss of SAR 53.5 million a year earlier.
Item | 2022 | 2023 | Change |
---|---|---|---|
Gross Written Premium (GWP) | 475.26 | 471.49 | (0.8 %) |
Insurance Revenues | 473.35 | 486.23 | 2.7 % |
Net Profit Before Zakat & Tax | (48.86) | 49.50 | 201.3 % |
Net Income | (53.46) | 42.30 | 179.1 % |
Average Shares | 14.00 | 14.00 | - |
EPS (Riyals) | (3.82) | 3.02 | 179.1 % |
This was driven by a 3% year-on-year (YoY) rise in insurance revenues as gross earned premium of medical and general accident line of business grew.
Insurance service results for 2023 showed a surplus of SAR 34.93 million as compared to a deficit of SAR 20.91 million for the previous year. Net investment income jumped 4,229% YoY, while general and administrative expenses declined 7% YoY.
Item | Q4 2022 | Q4 2023 | Change |
---|---|---|---|
Gross Written Premium (GWP) | 117.52 | 106.19 | (9.6 %) |
Insurance Revenues | 121.80 | 121.35 | (0.4 %) |
Net Profit Before Zakat & Tax | 6.41 | 10.31 | 61.0 % |
Net Income | 5.41 | 7.31 | 35.3 % |
Average Shares | 14.00 | 14.00 | - |
EPS (Riyals) | 0.39 | 0.52 | 35.3 % |
Item | 2022 | 2023 | Change |
---|---|---|---|
Gross Written Premium (GWP) | 475.26 | 471.49 | (0.8 %) |
Insurance Revenues | 473.35 | 486.23 | 2.7 % |
Insurance Services Income | (20.91) | 34.93 | 267.0 % |
Investment Income | 0.78 | 33.90 | 4246.2 % |
Net Profit of Insurance Services and Investment | (19.54) | 69.84 | 457.4 % |
Q4 2023 net profit rose 35% YoY to SAR 7.3 million.
On a quarterly basis, net profit slumped 59.4% from SAR 18 million.
Total shareholders’ equity, no minority interest, stood at SAR 198.19 million by Dec. 31, 2023, compared to SAR 153.45 million a year earlier.
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