Al Sagr Insurance Reports 25% Decline in 2024 Net Profit to SAR 32 Million

Al Sagr Cooperative Insurance Co. recorded a net profit after zakat of SAR 32 million for 2024, marking a 25% decline from SAR 42 million in 2023, following the release of its annual financial results for the period ended December 31, 2024.

Net profit from investment activities dropped 19% to SAR 27 million, compared to SAR 34 million in the previous year. However, total shareholders’ equity, excluding minority interest, surged by 102% to SAR 401 million, up from SAR 198 million in 2023.

Earnings per share stood at SAR 1.26 in 2024, compared to SAR 1.99 in 2023.

The company stated on Tadawul that insurance revenue grew by 4%, driven by a 28% increase in gross written premiums, particularly in the motor insurance segment.