Riyadh – Mubasher: Amana Cooperative Insurance Company reported SAR 31.47 million worth of net profits before Zakat in the first nine months (9M) of 2023, compared to a net loss of SAR 51.84 million in the same period of 2022.

The earnings per share (EPS) reached SAR 0.68 in 9M-23 when compared to a loss per share of SAR 1.22 in the previous year, according to the financial results.

The gross written premiums (GWP) decreased by 36.41% to SAR 117.09 million in 9M-23, versus SAR 184.14 million in 9M-22.

Income Statements for Q3-23

In the third quarter (Q3) of 2023, the company achieved SAR 9.43 million in net profit before Zakat, as opposed to a net loss of SAR 30.47 million in Q3-22.

The GWP stood at SAR 51.91 million in Q3-23, a 6.11% YoY growth from SAR 48.92 million.

On a quarterly basis, the Q3-23 net profits fell by 23.49% from SAR 12.33 million in Q2-23, while the GWP rose by 68.48% from SAR 30.81 million.

Accumulated Losses

Amana reported accumulated losses of SAR 186.25 million as of 30 September 2023, which represented 43.32% of the SAR 430 million capital.

It is worth mentioning that in October 2022, Amana named Abdullah Othman Almusa as the Chairman of the company for three years that started in August that year.