Riyadh –  Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful) achieved a net profit before Zakat of SAR 222.61 million in the first nine months (9M) of 2023, marking a 223.88% rise from SAR 68.73 million in 9M-22.

The earnings per share (EPS) improved to SAR 5.48 in 9M-23 from SAR 1.52 in 9M-22, according to the financial results.

The company also recorded a 66.77% growth in gross written premiums (GWP) to SAR 4.29 billion during January-September 2023 from SAR 2.57 billion.

Financial Results for Q3-23

In the third quarter (Q3) of 2023, the company posted a net profit before Zakat of SAR 84.11 million, which increased by 50.69% from SAR 55.82 million in Q3-22.

The GWP also soared by 123.82% to SAR 1.83 billion during July-September 2023, versus SAR 818.20 million in the same quarter of the previous year.

On a quarterly basis, the net profits before Zakat in Q3-23 rose by 9.67% from SAR 76.70 million in Q2-23, while the GWP surged by 46% from SAR 1.25 billion.

In June 2023, Al Rajhi Takaful received regulatory approval to increase its capital from SAR 400 million.

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