Riyadh – Al Sagr Cooperative Insurance Company turned to net profits before Zakat worth SAR 39.18 million in the first nine months (9M) of 2023, compared to net losses of SAR 55.26 million in 9M-22.

Earnings per share (EPS) reached SAR 2.50 as of 30 September 2023, versus a loss per share of SAR 4.20 in the same period a year earlier, according to the interim financial results.

The gross written premiums (GWP) increased by 2.11% to SAR 365.30 million in 9M-23 from SAR 357.74 million in 9M-22.

Income Statements for Q3-23

During the third quarter (Q3) of 2023, the insurance firm posted SAR 18.99 million in net profit before Zakat, a surge of 235.80% year-on-year (YoY) from SAR 5.65 million.

The GWP amounted to SAR 125.49 million in July-September 2023, declining by 5.31% YoY from SAR 132.53 million.

On a quarterly basis, the Q3-23 net profits soared by 111.87% from SAR 8.96 million in Q2-23, while the GWP decreased by 0.24% from SAR 125.79 million.

It is worth noting that in September 2023, Al Sagr Cooperative announced its intention to increase the capital through a rights issue, upon the approvals of the Saudi Central Bank (SAMA), the Capital Market Authority (CMA), and the company's shareholders.

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