Riyadh – Mubasher: Wataniya Insurance Company reported a net profit before Zakat of SAR 61.48 million in the first nine months (9M) of 2023, as opposed to a net loss of SAR 11.79 million in the same period of 2022.

The earnings per share (EPS) stood at SAR 1.33 in 9M-23, versus a loss per share of SAR 0.42 in the same period of the previous year, according to the financial results.

The gross written premiums (GWP) rose by 63.29% to SAR 1.27 billion in 9M-23, compared to SAR 780.57 million in 9M-22.

Income Statements for Q3-23

In the third quarter (Q3) of 2023, the company achieved a net profit before Zakat of SAR 37.37 million, a 203.34% increase from SAR 12.32 million in Q3-22.

The GWP reached SAR 342.83 million in Q3-23, a 7.62% YoY growth from SAR 318.56 million.

On a quarterly basis, the Q3-23 profits increased by 456.14% from SAR 6.72 million in Q2-23, while the GWP decreased by 18.61% from SAR 421.24 million.

It is worth mentioning that in September 2022, Wataniya appointed Hussein Saeed Akiel as the company’s Chairman for three years.