Walaa Q3 Profits Fall 49.4% to SAR 20.1 Million

Walaa Cooperative Insurance Co. revealed on Sunday a decline in net profit after zakat attributable to shareholders in the third quarter to 20.1 million riyals, compared to 39.7 million riyals in the same quarter last year by 49.4%, following the announcement today of the preliminary financial results for the period ending Sep. 30, 2024 (nine months).

Net losses from insurance results amounted to 4.9 million riyals in the third quarter, compared to a profit of 13.6 million riyals in the same quarter last year.

Net profit, after zakat attributable to shareholders in the 9-month duration, decreased by 17.8% to 84.4 million riyals compared to 102.7 million riyals in the same duration last year.

Profits per share in the current duration reached 0.99 riyals, compared to 1.21 riyals in the same duration last year.