Saudi: Tawuniya’s profits surge 344% in 9M-23 results

PHOTO

Riyadh – The Company for Cooperative Insurance (Tawuniya) logged net profits before Zakat worth SAR 607.09 million in the first nine months (9M) of 2023, an annual leap of 344.09% from SAR 136.70 million.

Earnings per share (EPS) hit SAR 3.51 as of 30 September 2023, versus SAR 0.46 a year earlier, according to the financial results.

The gross written premiums (GWP) increased by 34.37% to SAR 12.97 billion in 9M-23 from SAR 9.65 billion in 9M-22.

Income Statements for Q3-23

During the third quarter (Q3) of 2023, the firm generated SAR 229.88 million in net profit before Zakat, higher by 467.86% YoY than SAR 40.48 million.

Gross written premiums amounted to SAR 3.21 billion in July-September 2023, up 10.21% year-on-year (YoY) from SAR 2.92 billion.

On a quarterly basis, the Q3-23 profits declined by 16.67% from SAR 275.86 million in Q2-23, while the GWP shrank by 29.88% from SAR 4.59 billion.