Al Etihad Cooperative’s net profit soars 640% YoY in 2023

Insurance revenues grew 12.05% YoY to SAR 1.20 billion last year from SAR 1.07 billion, according to the annual financial results

Staff Writer, Mubasher

March 14, 2024

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Al Etihad Cooperative Insurance Company recorded a 639.22% year-on-year (YoY) jump in net profit after Zakat attributable to shareholders to SAR 93.89 million in 2023 from SAR 12.70 million.

Insurance revenues grew 12.05% YoY to SAR 1.20 billion last year from SAR 1.07 billion, according to the annual financial results.

The earnings per share (EPS) reached SAR 2.09 in the 12-month period that ended on 31 December 2023, up from SAR 0.28 in 2022.

The gross written premiums (GWP) leapt 26.50% YoY to SAR 1.48 billion in 2023 from SAR 1.17 billion.

Al Etihad Cooperative’s net profit surged 809.21% YoY to SAR 79.93 million in the first nine months (9M) of 2023 from SAR 8.79 million.

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