Saudi Re’s profits cross $46.6mln in H1-24 initial financials

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Saudi Reinsurance Company (Saudi Re) logged net profits after Zakat attributable to the shareholders worth SAR 75.27 million in the first half (H1) of 2024, an annual rise of 5.78% from SAR 71.16 million.

Earnings per share (EPS) hit SAR 0.84 as of 30 June 2024, up year-on-year (YoY) from SAR 0.80, according to the initial income statements.

Additionally, the insurance revenues soared by 68.40% YoY to SAR 482.69 million in H1-24 from SAR 286.62 million.

Financials for Q2-24

In the second quarter (Q2) of 2024, the net profits of Saudi Re dropped by 27.47% to SAR 43.48 million from SAR 59.96 million in Q2-23.

Insurance revenues stood at SAR 275.74 million in the three-month period that ended on 30 June 2024, higher by 75.25% than SAR 157.33 million a year earlier.

On a quarterly basis, the Q2-24 net profits climbed by 36.77% from SAR 31.79 million in January-March 2024, while the revenues jumped by 33.24% from SAR 206.94 million.