Riyadh – Mubasher: Walaa Cooperative Insurance Company registered net profits before Zakat amounting to SAR 26.80 million during the first quarter (Q1) of 2023.
The positive results were compared with net losses valued at SAR 15.10 million in Q1-22, according to the interim income statements.
Gross written premiums (GWP) jumped by 18.36% to SAR 466.68 million in Q1-23 from SAR 394.28 million in the January-March 2022 period.
In the first three months (3M) of 2023, the earnings per share (EPS) reached SAR 0.29, against a loss per share of SAR 0.30 in the year-ago period.
Accumulated Losses
Walaa Cooperative Insurance incurred accumulated losses worth SAR 40.73 million as of 31 March 2023, accounting for 4.79% of the SAR 850.58 million capital.
Last year, the Saudi firm reported net losses before Zakat amounting to SAR 15.72 million, lower by 86.06% than SAR 112.79 million in 2021.
