Riyadh – Mubasher: Gulf Union Al Ahlia Cooperative Insurance Company shifted to profitability in 2023, registering a net profit after Zakat attributable to shareholders of SAR 125.03 million, versus a net loss of SAR 18.30 million a year earlier.
Insurance revenues surged 23.23% YoY to SAR 624.48 million last year from SAR 506.77 million in 2022, according to the annual financial results.
The company reported earnings per share (EPS) of SAR 2.72 in 2023, against a net loss of SAR 0.47 the year before.
During the first nine months (9M) of 2023, Gulf Union Al Ahlia recorded a net profit before Zakat of SAR 90.53 million, compared to a net loss of SAR 23.57 million in the comparative period of 2022.
