Riyadh – Mubasher: The net profits after Zakat attributable to the owners of Arabia Insurance Cooperative Company increased by 7.01% to SAR 7.83 million in the first quarter (Q1) of 2024.

The quarterly net profits were compared with SAR 7.32 million in Q1-23, according to the interim financial results.

Insurance revenues were valued at SAR 198.27 million as of 31 March 2024, up 0.50% year-on-year (YoY) from SAR 197.27 million.

In the first three months (3M) of 2024, the earnings per share (EPS) remained unchanged at SAR 0.15.

Quarterly, the net profits in Q1-24 plummeted by 23.29% from SAR 10.21 million in the three-month period that ended on 31 December 2023, while the revenues rose by 0.15% from SAR 197.95 million.

Accumulated Losses

The company incurred accumulated losses amounting to SAR 4.49 million as of 31 March 2024, representing 0.85% of the capital. 

Last year, Arabia Insurance Cooperative witnessed 875.19% higher net profits after Zakat attributable to shareholders at SAR 60.46 million, compared to SAR 6.20 million in 2022.