Riyadh – The Company for Cooperative Insurance (Tawuniya) posted a 292.02% leap in net profit before Zakat to SAR 377.21 million during the first half (H1) of 2023, versus SAR 96.22 million in H1-22.

Earnings per share (EPS) stood at SAR 2.56 in the January-June 2023 period, compared to SAR 0.41 a year earlier, according to the initial income statements.

The gross written premiums (GWP) enlarged by 44.85% to SAR 9.75 billion as of 30 June 2023 from SAR 6.73 billion in H1-22.

Income Statements for Q2-23

During the second quarter (Q2) of 2023, Tawuniya generated SAR 275.86 million in net profit before Zakat, higher by 211.94% YoY than SAR 88.43 million.

The gross written premiums hit SAR 4.59 billion the April-June 2023, an annual surge of 42.41% from SAR 3.22 billion.

On a quarterly basis, the net profits in Q2-23 jumped by 172.20% from SAR 101.34 million in Q1-23, while the GWP declined by 11.03% from SAR 5.16 billion.

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