Riyadh –  Salama Cooperative Insurance Company posted net profits before Zakat of SAR 45.97 million in the first nine months (9M) of 2023, shifting from a net loss of SAR 80.60 million in 9M-22.

The earnings per share (EPS) reached SAR 4.30 as of 30 September 2023, compared to a loss per share of SAR 8.36 in 9M-22, according to the financial results.

The gross written premiums (GWP) rose by 0.92% to SAR 587.58 million in 9M-23 from SAR 582.20 million in 9M-22.

Accumulated Losses Near 34%

The listed insurer indicated that its accumulated losses as of 30 September 2023 totalled SAR 33.81 million, which represented 33.81% of its SAR 100 million capital.

Income Statements for Q3-23

During the third quarter (Q3) of 2023, the insurance firm recorded a net profit before Zakat of SAR 13.67 million, versus a net loss of SAR 6.19 million in Q3-22.

The GWP grew by 10.61% year-on-year (YoY) to SAR 268.09 million in July-September 2023 from SAR 242.37 million.

On a quarterly basis, the Q3-23 net profits decreased by 28.62% from SAR 19.15 million in Q2-23, while the GWP dropped by 74.49% from SAR 153.64 million.

It is worth noting that in November 2022, Salama Cooperative was given a regulatory green light to increase its capital by SAR 100 million.

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