Saudi Re’s net profit leaps 64% YoY in 2023

Reuters Images/Ahmed Yosri

Insurance revenues declined by 10.02% YoY to SAR 627.18 million last year from SAR 696.99 million

Staff Writer, Mubasher

March 27, 2024

PHOTO

Saudi Reinsurance Company (Saudi Re) recorded a 63.61% year-on-year (YoY) jump in net profit after Zakat attributable to shareholders of SAR 124.42 million in 2023 from SAR 76.05 million.

Insurance revenues declined by 10.02% YoY to SAR 627.18 million last year from SAR 696.99 million, according to the annual financial results.

The earnings per share (EPS) rose to SAR 1.40 in 2023 from SAR 0.85 in 2022.

Saudi Re posted net profits before Zakat of SAR 121.50 million in the first nine months (9M) of 2023, a 55.09% YoY leap from SAR 78.34 million.

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