Riyadh – Mubasher: Banque Saudi Fransi has awarded Al Alamiya for Cooperative Insurance Company a contract for insurance services for one year.

Signed on 16 July 2024, the agreement’s value is more than 10% of the insurance revenues of Al Alamiya’s in 2023, which recorded SAR 513.62 million, according to a bourse filing.

The deal is expected to have a positive impact on Al Alamiya's financial results over 2024 and 2025.

During the first quarter (Q1) of 2024, Al Alamiya turned to a net profit of SAR 4.64 million, compared to a net loss of SAR 867,000 in the same quarter a year earlier.

Banque Saudi Fransi posted a net profit of SAR 1.15 billion in Q1-24 from SAR 1.07 billion in Q1-23.