Walaa Cooperative Insurance Company shifted to net profits before Zakat worth SAR 67.95 million during the first half (H1) of 2023, against net losses valued at SAR 61.20 million in H1-22.

Earnings per share (EPS) amounted to SAR 0.74 during January-June 2023, versus a loss per share of SAR 1.05 in the year-ago period, according to the initial income statements.

The gross written premiums (GWP) hiked by 21.70% year-on-year (YoY) to SAR 1.70 billion in H1-23 from SAR 1.40 billion.

Income Statements for Q2-23

During the second quarter (Q2) of 2023, the insurance firm also turned profitable at SAR 41.14 million, compared to net losses before Zakat worth SAR 46.09 million in Q2-22.

The company’s gross written premiums hit SAR 1.23 billion during the April-June 2023 period, an annual increase of 23.01% from SAR 1 billion.

On a quarterly basis, the net profits in Q1-23 were 53.49% higher than SAR 26.80 million in Q1-23, while the GWP jumped by 165.41% from SAR 466.68 million.

Accumulated Losses

The accumulated losses stood at SAR 2.08 million as of 30 June 2023, representing 0.25% of the SAR 850.58 million capital.

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