ACIG swings to $13.86mln net profits in 9M-23, unveils accumulated losses

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Riyadh – Allied Cooperative Insurance Group (ACIG) shifted to net profits before Zakat of SAR 52.16 million in the first nine months (9M) of 2023, compared to a net loss of SAR 35.62 million in 9M-22.

The company’s earnings per share (EPS) stood at SAR 1.59 in 9M-23, while it recorded a loss per share of SAR 0.96 in 9M-22, according to the preliminary income statements.

The gross written premiums (GWP) increased by 34.44% year-on-year (YoY) to SAR 771.25 million in 9M-23 from SAR 573.66 million.

Income Statements for Q3-23

During the third quarter (Q3) of 2023, the company reported net profits before Zakat of SAR 34.59 million, marking a surge of 366.36% from SAR 7.41 million in Q3-22.

The GWP increased by 15.26% to SAR 261.34 million in Q3-23 from SAR 226.74 million in Q3-22.

On a quarterly basis, the net profits in Q3-23 rose by 131.40% from SAR 14.95 million in Q2-23, while the GWP grew by 17.16% from SAR 223.06 million.

Accumulated Losses

ACIG reported accumulated losses of SAR 91.03 million as of 30 September 2023, which represented 31.28% of its SAR 291 million capital.

It is worth mentioning that in August 2022, Mohammad Abdullah Al Gadhi was named as the CEO of the company.