Al Alamiya turns to nearly $2.66mln net profits in 9M-23; accumulated losses unveiled

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Riyadh – Al Alamiya for Cooperative Insurance Company recorded net profits before Zakat of SAR 9.95 million in the first nine months (9M) of 2023, against a net loss of SAR 51.54 million in the same period of the previous year.

The company achieved earnings per share (EPS) of SAR 0.12 in 9M-23, as opposed to a loss per share of SAR 1.39 in 9M-22, according to the initial income statements.

The gross written premiums (GWP) increased by 28.48% year-on-year (YoY) to SAR 407.36 million in 9M-23 from SAR 317.05 million.

Accumulated Losses Near SAR 62m

Al Alamiya reported accumulated losses of SAR 61.79 million as of 30 September 2023, which represented 15.45% of the SAR 400 million capital.

Income Statements for Q3-23

During the third quarter (Q3) of 2023, the firm posted net profits before Zakat of SAR 4.63 million, marking a shift from a net loss of SAR 17.49 million in Q3-22.

The GWP reached SAR 142.65 million in Q3-23, a decline of 9.49% YoY from SAR 157.60 million.

On a quarterly basis, the net profits in Q3-23 rose by 5.56% from SAR 4.39 million in Q2-23, while the GWP surged by 38.75% from SAR 102.81 million.