Riyadh – Mubasher: Al Etihad Cooperative Insurance Company recorded net profits before Zakat of SAR 79.93 million in the first nine months (9M) of 2023, a significant increase of 809.21% from SAR 8.79 million in the same period of the previous year.

The initial income statements showed that the company achieved earnings per share (EPS) of SAR 1.55 in 9M-23, compared to a loss per share of SAR 0.07 in 9M-22.

The gross written premiums (GWP) rose by 13.94% year-on-year (YoY) to SAR 1.04 billion in 9M-23 from SAR 915.24 million.

Income Statements for Q3-23

During the third quarter (Q3) of 2023, the firm reported net profits before Zakat of SAR 10.18 million, a sharp drop of 73.19% from SAR 37.97 million in Q3-22.

The GWP amounted to SAR 491.99 million in Q3-23, a surge of 48.68% annually from SAR 330.46 million.

On a quarterly basis, the net profits in Q3-23 decreased by 80.99% from SAR 53.56 million in Q2-23, while the GWP grew by 57.29% from SAR 312.80 million.

Noteworthy to mention that in March 2023, Al Etihad Cooperative appointed Yousef Saad Al Saad as the Chairman of the board for a three years term.