Amana Insurance profit drops 53% to SAR 12 million in 2024

Amana Cooperative Insurance Co. reported a 53% decline in net profit after zakat to SAR 12 million ($3.2 million) in 2024, down from SAR 25 million a year earlier, according to its preliminary financial results for the period ended Dec. 31.

Net investment income surged 133% to SAR 17 million from SAR 7 million in 2023.

Shareholders’ equity, excluding minority interests, rose 10% to SAR 314 million, compared to SAR 285 million in the previous year.

Earnings per share fell to SAR 0.28 from SAR 0.59 in 2023.