Riyadh – Mubasher: Buruj Cooperative Insurance Company reported net profits before Zakat of SAR 21.64 million in the first nine months (9M) of 2023, a turnaround from a net loss of SAR 25.35 million in the same period of the previous year.

The company achieved earnings per share (EPS) of SAR 0.47 in 9M-23, compared to a loss per share of SAR 1.09 in 9M-22, according to the initial income statements.

The gross written premiums (GWP) grew by 15.14% year-on-year (YoY) to SAR 342.47 million in 9M-23 from SAR 297.42 million.

Income Statements for Q3-23

During the third quarter (Q3) of 2023, the firm posted net profits before Zakat of SAR 4 million, a drop of 86.15% from SAR 28.88 million in Q3-22.

The GWP increased by 68.59% to SAR 96.57 million in Q3-23 when compared to SAR 57.28 million a year earlier.

On a quarterly basis, the net profits in Q3-23 fell by 87.90% from SAR 33.08 million in Q2-23, while the GWP decreased by 8.72% from SAR 105.80 million.

It is worth noting that in May 2022, the Saudi firm appointed Yasser Youssef Naghi as the Chairman of the board for a three years term.