Riyadh – Mubasher: Walaa Cooperative Insurance Company logged a net profit after Zakat attributable to shareholders of SAR 39.86 million, up 64% year-on-year (YoY) from SAR 24.30 million.

Insurance revenues grew 16.28% YoY to SAR 767.07 million in Q1-24 from SAR 659.63 million, according to the interim financial results.

The earnings per share (EPS) recorded SAR 0.47 in the three-month period that ended on 31 March 2024, up from SAR 0.29 in the corresponding period a year earlier.

Moreover, the gross written premiums (GWP) leapt 38.86% YoY to SAR 648.02 million in Q1-24 from SAR 466.68 million in Q1-23.

Quarter-on-quarter (QoQ), the company’s net profit dropped 11.90% in Q1-24 from SAR 45.25 million in Q4-23, while the revenues inched lower by 1.80% from SAR 781.15 million.

Walaa swung to a net profit attributable to shareholders of SAR 147.97 million in 2023, compared to a net loss of SAR 68.08 million a year earlier.