Saudi Arabian Cooperative Insurance Co.(SAICO)Â has reported a net profit of SAR 71.1 million for 2023, a significant increase compared to the SAR 61.7 million in net loss the company recorded a year earlier.
The company posted earnings per share (EPS) of SAR 2.37 in 2023, versus a loss per share of SAR 2.05 the year before.
SAICO’s insurance revenues rose 14.57% to SAR 1.04 billion in 2023, compared to SAR 911.67 million the year prior, according to the company’s annual financial results.
The accumulated loss hit SAR 76.24 million last year, representing 25.41% of the company’s capital. Moreover, the gross written premiums (GWP) rose 2.15% year-on-year to SAR 1.06 billion in 2023 from SAR 1.03 billion.
Net insurance finance expenses for 2023 decreased to (SAR 2.66 million), compared to (SAR 5.26 million) during the year before. This was offset by a decrease of 21.65% in net investment results while other operating expenses increased by 115%.
The company’s net profit for the fourth quarter of 2023 stood at SAR 11.6 million, against a net loss of SAR 7.53 million in the prior year period.
