The net profit after Zakat attributable to shareholders of Arabian Shield Cooperative Insurance Company skyrocketed by more than 15,943% year-on-year (YoY) to SAR 65.13 million in 2023 from SAR 406,000.

Insurance revenues rose 24.71% YoY to SAR 1.14 billion last year from SAR 918.72 million, according to the annual financial results.

The earnings per share (EPS) reached SAR 0.67 in the 12-month period that ended on 31 December 2023, versus a loss per share of SAR 0.29 the year before.

Gross written premiums (GWP) increased by 17% YoY, SAR 190,844, compared to the comparative period a year earlier.

During the first half (H1) of 2023, Arabian Shield logged net profits before Zakat of SAR 36.64 million, against net losses of SAR 3.22 million in H1-22.

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