AICC 2024 Profits Drop 50% to SAR 30 Million

Arabia Insurance Cooperative Co. (AICC) announced on Monday that its net profit after Zakat decreased by 50% to SAR 30 million by the end of 2024, compared to SAR 60.4 million in 2023. This came after the announcement today of the preliminary financial results for the duration ending on Dec. 31, 2024.

The net profit of the investment results increased by 23% to SAR 38 million by the end of 2024, compared to SAR 31 million in 2023.

The equity (after excluding non-controlling interests) in the current year increased by 8% to SAR 605 million, compared to SAR 600 million in 2023.

The profits per share for the current year amounted to SAR 0.57, compared to SAR 1.14 in 2023.

The Company stated in a statement today on “Tadawul” that the reason for the decrease in insurance revenues during the current year, compared to the previous year is mainly due to the decrease in insurance revenues in the Motor insurance segment and Medical insurance segment, despite the increase in insurance revenues in the Engineering insurance segment.