SAICO’s Net Profit Falls 30% to SAR 49 Million in 2024

Saudi Arabian Cooperative Insurance Company (SAICO) reported a 30% decline in net profit after zakat, reaching SAR 49 million in 2024, compared to SAR 71 million in 2023. This follows the company’s annual financial results announcement for the period ending December 31, 2024.

– Net investment profit rose 25% to SAR 31 million, up from SAR 21 million in the previous year.

– Total shareholders’ equity (excluding non-controlling interests) increased 22% to SAR 382 million, compared to SAR 314 million in 2023.

– Earnings per share (EPS) stood at SAR 1.64 in 2024, compared to SAR 2.37 in 2023.