Tawuniya logs 164% YoY higher net profit in Q1-24

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Insurance revenues rose 28.72% YoY to SAR 4.38 billion in Q1-24 from SAR 3.40 billion in Q1-23, according to the interim financial results

Staff Writer, Mubasher

May 2, 2024

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The Company for Cooperative Insurance (Tawuniya) recorded a 164.12% year-on-year (YoY) jump in net profit after Zakat attributable to shareholders to SAR 196.69 million in the first quarter (Q1) of 2024, versus SAR 74.46 million.

Insurance revenues rose 28.72% YoY to SAR 4.38 billion in Q1-24 from SAR 3.40 billion in Q1-23, according to the interim financial results.

The earnings per share (EPS) hit SAR 1.31 in the first three months (3M) of 2024, up from SAR 0.50 in the corresponding period of 2023.

Quarter-on-quarter (QoQ), the company’s net profit soared 128.49% YoY in Q1-24 from SAR 86.08 million in the previous quarter, while revenues grew 4.42% QoQ from SAR 4.19 billion.

Tawuniya posted a 103.98% YoY jump in net profit to SAR 616.42 million in 2023 from SAR 302.19 million.

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