‎“Arabia Insurance” profits jump 2322% during 2022 to SR12.7 ‎mln

Arabia Insurance Cooperative Company revealed an increase in net profit before zakat during the year ending on December 31, 2022 to 12.7 million riyals, compared to 530 thousand riyals in the previous year, at a rate of 2322%. This came after today’s announcement of the annual financial results ending in 31-12-2022.

The net profit of shareholders’ investments amounted to 4.4 million riyals during the year ending on December 31, 2022, compared to 5.8 million riyals in the previous year, a decline of 24%.

The net profit of policyholders’ investments amounted to 2.7 million riyals during the year ending on December 31, 2022, compared to 1.3 million riyals in the previous year, with a growth of 107.4%.

The total shareholders’ equity “without minority rights” amounted to 222.1 million riyals in the current year, compared to 215.6 million riyals in the previous year, an increase of 3%.

Earnings per share in the current year reached 0.31 riyals, compared to a loss of 0.21 riyals in the previous year.

The reason for the increase in net profit during the current year compared to the previous year is due to the increase in net insurance premiums earned despite the increase in incurred claims and general and administrative expenses.

Additional information:

The earnings/loss per share has been calculated after zakat and income tax

Accordingly, the net profit after zakat during the current year amounted to 8,277 thousand riyals, compared to a net loss after zakat of 5,517 thousand riyals for the previous year.

The accumulated losses at the end of the current year amounted to 41.2 million riyals, or 15.6% of the capital.