Riyadh — Mubasher: Walaa Cooperative Insurance Company recorded a net profit after Zakat of SAR 26.99 million in the second quarter (Q2) of 2026.
The positive performance during April-June 2026 marks a significant turnaround from the SAR 49.35 million net loss reported during the corresponding quarter of the previous year, according to a bourse filing.
The company attributed the recovery to a sharp increase in investment results and improved insurance service outcomes.
Insurance revenues in Q2-26 reached SAR 675.78 million, representing a slight decrease of 1.61% compared to SAR 686.81 million in Q2-25.
The decline in investment revenue was driven by lower revenues in the motor, property, and protection and savings segments, which fell by 50.84%, 18.44%, and 70.69%, respectively.
However, the registered losses were partially offset by a 558.13% surge in energy sector insurance revenue.
Net investment income rose by 70.11% to SAR 31.79 million from SAR 18.69 million a year earlier, bolstered by realized and unrealized gains from equity investments.
For the first half (H1) of 2026, Walaa Cooperative Insurance achieved a net profit of SAR 43.17 million, compared to a net loss of SAR 117.304 million in H1-25.
Earnings per share stood at SAR 0.34 in January-June 2026.
Furthermore, the accumulated losses reached SAR 14.86 million as of 30 June 2026, representing 1.16% of the company's SAR 1.27 billion capital.
As of 31 March 2026, the accumulated losses of Walaa Cooperative Insurance hit SAR 41.84 million. In addition, the company turned to net profits of SAR 16.18 million in the first quarter (Q1) of 2026 from net losses of SAR 67.95 million in Q1-25.
