Saudi GIG’s board proposes dividend for 2023

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Riyadh – The board of Gulf Insurance Group (GIG) recommended, in its 4 April 2024 meeting, the distribution of SAR 1.50 per share as a cash dividend for 2023.

Upon the shareholders’ approval, the company would pay out a total of SAR 78.75 million for 52.50 million eligible shares, according to a bourse filing.

The suggested amount for 2023 cash dividends represents 15% of Saudi GIG’s SAR 525 million capital. Meanwhile, the eligibility and distribution dates will be announced at a later time after receiving all relevant approvals.

In 2023, the listed company generated 707.68% higher net profits of SAR 128.52 million attributable to the shareholders, compared with SAR 15.91 million in 2022.

In addition, the earnings per share (EPS) soared to SAR 2.45 last year from SAR 0.30 in 2022.

Furthermore, the insurance revenues of Saudi GIG grew by 5.68% to SAR 1.56 billion in 2023 compared to SAR 1.48 billion in the previous year.