SAICO turns profitable in 2023; revenues surge 14% YoY

PHOTO

Saudi Arabian Cooperative Insurance Company (SAICO) swung to profitability during the financial year 2023, recording a net profit after Zakat attributable to shareholders of SAR 71.09 million, compared to a net loss of SAR 61.64 million a year earlier.

Insurance revenues rose 14.57% YoY to SAR 1.04 billion last year from SAR 911.67 million, according to the annual financial results.

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.

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% YoY to SAR 1.06 billion in 2023 from SAR 1.03 billion.

SAICO logged a net profit before Zakat of SAR 65.06 million in the first nine months (9M) of 2023, compared to a net loss of SAR 47.73 million in the comparative period of 2022.