‎“Bupa Arabia” CEO sells 99.5% of his shares in the company

(Maaal) monitored changes in ownership of shares in companies listed in the Saudi stock market showed that Tal Hisham Nazer, CEO of Bupa Arabia for Cooperative Insurance, sold 99.5% of his shares that he owned in the company, and the number of shares in his possession decreased to 1000. shares only after it was 188.5 thousand shares in the previous session by selling about 187.5 thousand shares.

On August 13, “Bupa Insurance” recorded a special deal on 187.5 thousand shares of the company’s shares at a price of 182.8 riyals per share, with a total value of about 34.3 million riyals, which is the same amount of decline in the shares of the CEO.

It is noteworthy that Bupa’s profits before zakat jumped to 662.4 million riyals at the end of the first half of this year, by 75% over the same period of the previous year, which was 378 million riyals.

According to the company, the reason for the increase in profit before zakat and income tax for the current period is 284,399 thousand Saudi riyals, an increase of 75.23% compared to the same period of the previous year, due to an improvement in the results of insurance services by 281,210 thousand Saudi riyals compared to the same period of The previous year, an increase of 108.45%. This was driven by an increase in insurance revenues by 1,544,734 thousand riyals, an increase of 25.36%, and a decrease in net expenses from reinsurance contracts held by 8,053 thousand riyals, a decrease of 35.07%. These changes were offset by a partial increase in insurance services expenses by 1,271,577 thousand riyals compared to the same period of the previous year, an increase of 21.89%. Profitability was also achieved as a result of an increase in net investment income by 35,514 thousand riyals compared to the same period of the previous year, an increase of 18.69%, and an increase in net income and other costs by 30,093 thousand riyals compared to the same period of the previous year. These positive changes were partially reduced as a result of an increase in other net operating expenses by 62,418 thousand riyals compared to the same period of the previous year, an increase of 87.59%, and also, an increase in total written premiums by 2,065,857 thousand riyals compared to the period Similar to the previous year, an increase of 28.60%.