Riyadh –  Gulf Union Al Ahlia Cooperative Insurance Company achieved a net profit before Zakat of SAR 90.53 million during the first nine months (9M) of 2023, compared to a net loss of SAR 23.57 million in the same period of the previous year.

The company’s earnings per share (EPS) amounted to SAR 1.94 in 9M-23, versus a loss per share of SAR 0.70 in 9M-22, according to the financial results.

The gross written premiums (GWP) increased by 36.34% year-on-year (YoY) to SAR 499.78 million during January-September 2023 from SAR 366.56 million.

Income Statements for Q3-23

In the third quarter (Q3) of 2023, the Saudi firm recorded a net profit before Zakat of SAR 30.85 million, compared with a net loss of SAR 164,000 in the same quarter of the previous year.

The GWP grew by 44.85% to SAR 158.34 million during July-September 2023 from SAR 109.31 million in Q3-22.

On a quarterly basis, the net profit before Zakat in Q3-23 decreased by 1.29% from SAR 31.26 million in Q2-23, while the GWP declined by 13.01% from SAR 182.03 million.

Accumulated Losses

Gulf Union Al Ahlia reported accumulated losses of SAR 33.69 million as of 30 September 2023, which accounted for 7.34% of the SAR 458.94 million capital.

It is worth noting that in January 2023, the company appointed Abdulaziz Ali Al Turki as the Chairman of the board for a three-year term.

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