Saudi Arabian Cooperative Insurance Co. (SAICO) reported a net profit of SAR 71.1 million for 2023, versus a net loss of SAR 61.7 million a year earlie
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 1,039.42 | 1,061.78 | 2.2 % |
| Insurance Revenues | 911.68 | 1,044.52 | 14.6 % |
| Net Profit Before Zakat & Tax | (54.41) | 78.33 | 244.0 % |
| Net Income | (61.65) | 71.10 | 215.3 % |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | (2.05) | 2.37 | 215.3 % |
This was fueled by 2023 net insurance service results that reached SAR 51.75 million, compared to (SAR 77.84 million) during the year before.
Net insurance finance expenses for 2023 decreased to (SAR 2.66 million), compared to (SAR 5.26 million) during the year before.
This was offset by a decrease of 21.65% in net investment results while other operating expenses increased by 115%.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 187.25 | - | - |
| Insurance Revenues | 257.13 | 271.42 | 5.6 % |
| Net Profit Before Zakat & Tax | (6.68) | 13.27 | 298.8 % |
| Net Income | (7.53) | 11.58 | 253.8 % |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | (0.25) | 0.39 | 253.8 % |
Q4 2023 net profit stood at SAR 11.6 million, against a net loss of SAR 7.53 million in the prior year period.
On a quarterly basis, net profit decreased 47.9%, from SAR 22.22 million.
Total shareholders’ equity, no minority interest, stood at SAR 313.60 million by Dec. 31, 2023, compared to SAR 235.43 million a year earlier.
Accumulated losses reached SAR 76.2 million by Dec. 31, 2023, representing 25.41% of capital amounting to SAR 300 million.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 1,039.42 | 1,061.78 | 2.2 % |
| Insurance Revenues | 911.68 | 1,044.52 | 14.6 % |
| Insurance Services Income | (77.85) | 51.76 | 166.5 % |
| Investment Income | 26.88 | 21.06 | (21.7 %) |
| Net Profit of Insurance Services and Investment | (56.23) | 70.15 | 224.8 % |
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