Riyadh –  Chubb Arabia Cooperative Insurance Company recently received a renewal confirmation for a SAR 52.19 million insurance coverage contract from Sahara International Petrochemical Company (Sipchem).

Under the one-year contract, which is effective from 1 November 2023, Chubb Arabia will provide insurance coverage for property damage and business interruption risks, according to a recent bourse filing.

The contract is expected to have a positive impact on the company's financial results in 2023 and 2024.

In terms of the financial performance during the first nine months (9M) of 2023, Chubb Arabia generated net profits before Zakat of SAR 22.15 million, while the petrochemical company reported SAR 1.01 billion worth of net profits.

Earlier in the first half (H1) of 2023, the listed insurance firm reported SAR 12.39 million net profit and earnings per share (EPS) of SAR 0.30.

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