Saudi: Walaa Cooperative Insurance records higher profits in H1-24

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Walaa Cooperative Insurance Company logged net profits after Zakat attributable to the owners valued at SAR 64.30 million in the first half (H1) of 2024, an annual rise of 2.14% from SAR 62.95 million.

Earnings per share (EPS) hit SAR 0.76 as of 30 June 2024, up year-on-year (YoY) from SAR 0.74, according to the initial income statements.

The insurance revenues hiked by 14.53% YoY to SAR 1.56 billion in H1-24 from SAR 1.36 billion.

Financials for Q2-24

In the second quarter (Q2) of 2024, the net profits of Walaa Cooperative Insurance dropped by 36.76% to SAR 24.43 million from SAR 38.64 million in Q2-23.

Insurance revenues hit SAR 796.17 million in the three-month period that ended on 30 June 2024, higher by 12.90% than SAR 705.18 million a year earlier.

On a quarterly basis, the Q2-24 net profits retreated by 38.69% from SAR 39.86 million in January-March 2024, while the revenues jumped by 3.79% from SAR 767.07 million.