Saudi Re profits jump 212% during Q3 to SR35.6 mln

The Saudi Reinsurance Company (Saudi Re) revealed that the net profit before zakat during the third quarter increased to 35.6 million riyals, compared to 11.4 million riyals in the same quarter of last year, at a rate of 212.4%.
This came after the announcement on Tuesday of the preliminary financial results for the period ending on 30-09-2022 (nine months).
The net profit of shareholders’ funds investments in the third quarter amounted to SR14.7 million, compared to SR12.7 million in the same quarter of the previous year, an increase of 16%.
The net profit of policyholders’ investments in the third quarter amounted to SR1.29 million, compared to SR1 million in the same quarter of the previous year, an increase of 29%.
The net profit before zakat in the 9-month period amounted to SR49.6 million, compared to SR47.8 million in the same period last year, a growth of 3.7%.
The gross shareholders’ equity “without minority rights” in the current period amounted to SR990.7 million, compared to SR959.7 million in the same period last year, an increase of 3.2%.
Profits per share in the current period reached SR0.44, compared to SR0.42 in the same period last year.
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is:
The reason for the increase in net profit before Zakat mainly due to the improvement in reinsurance operation result by 2901% due to decrease in net claims incurred by 44% and improvement in investment performance.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is:
The reason for the net profit before Zakat mainly due to the improvement in reinsurance operation result by 329 % due to decrease in net claims incurred by 38 % and improvement in investment performance.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is:
The reason for the increase in net profit before Zakat mainly due to the improvement in reinsurance operation result by 114 % due to increase in net premiums earned by 6 %.
Certain comparative figures have been reclassified to conform to the presentation of current year.
The profits per share have been calculated after Zakat and Tax.