Salama Insurance Reports 41% Decline in Profits to SAR 30 Million by End of 2024

Salama Cooperative Insurance Company announced on Tuesday, March 4, that its net profit after Zakat declined 41% to SAR 30 million in 2024, down from SAR 51 million in 2023. This follows the company’s announcement of its annual financial results for the period ending December 31, 2024.

Key Financial Highlights:

• Investment income decreased 5% to SAR 26 million in 2024, compared to SAR 27.5 million in 2023.

• Total shareholders’ equity (excluding non-controlling interests) rose 24% to SAR 254 million, up from SAR 205 million in 2023.

• Earnings per share (EPS) stood at SAR 1.23, compared to SAR 2.68 in the previous year.

Salama Cooperative Insurance Company announced on Tuesday, March 4, that its net profit after Zakat declined 41% to SAR 30 million in 2024, down from SAR 51 million in 2023. This follows the company’s announcement of its annual financial results for the period ending December 31, 2024.

Key Financial Highlights:

• Investment income decreased 5% to SAR 26 million in 2024, compared to SAR 27.5 million in 2023.

• Total shareholders’ equity (excluding non-controlling interests) rose 24% to SAR 254 million, up from SAR 205 million in 2023.

• Earnings per share (EPS) stood at SAR 1.23, compared to SAR 2.68 in the previous year.