Riyadh – Mubasher: Al Alamiya for Cooperative Insurance Company shifted to profitability in the first quarter (Q1) of 2024, recording a net profit after Zakat attributable to shareholders of SAR 4.64 million, versus a net loss of SAR 867,000 in the same quarter a year earlier.

Insurance revenues went down 15.24% YoY to SAR 110.54 million in Q1-24 from SAR 130.42 million, according to the interim financial results.

The company reported earnings per share (EPS) of SAR 0.12 in the three-month period that ended on 31 March 2024, against a loss per share of SAR 0.02 in the corresponding period a year earlier.

Quarter-on-quarter (QoQ), the company’s net profit dropped 30.16% in Q1-24 from SAR 6.65 million in Q4-23, while the revenues declined by 15.44% from SAR 130.73 million.

The accumulated losses reached SAR 50.50 million at the end of March, representing 12.63% of capital.

Al Alamiya turned to profitability in 2023, logging a net profit of EGP 11.26 million, compared to a net loss of SAR 130.73 million the year before.

The company registered net profits before Zakat of SAR 9.95 million in the first nine months (9M) of 2023, versus a net loss of SAR 51.54 million in the same period of the previous year.