The Saudi Arabian Cooperative Insurance Company (TADAWUL:8160) announced on the Saudi stock trading platform on Wednesday - that its net profit - before deducting zakat and taxes - during 2022 increased by 2311%, to reach 12.7 million Saudi riyals, compared to 530 thousand riyals achieved by the company last year.
And the Arab Cooperative Insurance Company stated that the reason for the increase in net profits by that huge percentage is mainly due to the increase in net insurance premiums earned, despite the increase in claims incurred and administrative and general expenses.
On the other hand, the business report of the Arab Cooperative Insurance Company showed that the net profit of shareholders' investments declined by 24% to record 4.4 million riyals during the same period, up from 5.8 million riyals achieved by the Arab Cooperative Insurance Company last year.
At the same time, the Arab Cooperative Insurance Company announced that the net profits of policyholders’ investments increased by 107.4%, recording 2.7 million riyals during the year 2022, compared to 1.3 million riyals in 2021, while the total shareholders’ equity increased - without minority rights, by 0.55 to 222.1 million. SAR during the same period.
Based on the business report, the profit per share of Arabia Cooperative Insurance during the past year amounted to 0.31 Saudi riyals, compared to the loss achieved by the share in the previous year, which amounted to 0.21 Saudi riyals.
In terms of trading, and after announcing the business report, the shares of the Arab Cooperative Insurance Company increased by 1.08% to reach 11.22 Saudi riyals during the Saudi stock market trading today, at 10:30 am GMT.
