Arabia Insurance Cooperative Company turned profitable at SAR 11.56 million in the first quarter (Q1) of 2023, against net losses before Zakat valued at SAR 9.28 million in Q1-22.

Gross written premiums (GWP) hiked by 42.93% year-on-year (YoY) to SAR 309.75 million in Q1-23 from SAR 216.72 million, according to the interim financial results.

The earnings per share (EPS) hit SAR 0.15 during the first three months (3M) of 2023, against a loss per share worth SAR 0.39 in the year-ago period.

Accumulated Losses

The company’s accumulated losses reached SAR 65.63 million as of 31 March 2023, accounting for 12.38% of the SAR 530 million capital.

In 2022, Arabia Insurance posted 2,310% higher net profits before Zakat at SAR 12.77 million, versus SAR 530,000 during the January-December 2021 period.

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