Riyadh – Mubasher: Arabian Shield Cooperative Insurance Company turned to net profits before Zakat valued at SAR 36.64 million in the first half (H1) of 2023, against net losses of SAR 3.22 million in H1-22.

Earnings per share (EPS) hit SAR 0.42 as of 30 June 2023, versus a loss per share of SAR 0.20 a year earlier, according to the initial consolidated income statements.

The gross written premiums (GWP) jumped by 14.86% year-on-year (YoY) to SAR 672.40 million in H1-23 from SAR 585.38 million.

Income Statements for Q2-23

During the second quarter (Q2) of 2023, the listed firm recorded 62.88% higher net profits at SAR 29.81 million, compared to SAR 18.30 million in Q2-22.

The gross written premiums reached SAR 213.38 million during the April-June 2023 period, an annual increase of 3.89% from SAR 205.38 million.

On a quarterly basis, the net profits in Q2-23 enlarged by 336.80% from SAR 6.82 million in Q1-23, while the GWP shrank by 53.51% from SAR 459.02 million.