SAICO Q1 profit soars 344% to SAR 14.2 mln

Saudi Arabian Cooperative Insurance Co. (SAICO) posted a 344% year-on-year increase in first-quarter net profit after zakat to SAR 14.2 million, up from SAR 3.2 million a year earlier, it said in a statement on Thursday.

Net insurance profit rose 145.7% to SAR 13.7 million from SAR 5.5 million in the same period last year.

Shareholders’ equity (excluding non-controlling interests) climbed to SAR 398.5 million, up 25.8% from SAR 316.8 million a year earlier.

Earnings per share grew to SAR 0.47, compared to SAR 0.11.