Riyadh – Mubasher: The Company for Cooperative Insurance (Tawuniya) was awarded a SAR 71.75 million contract from Elm Company on 20 June, according to a recent bourse filing.
Under the agreement, Tawuniya will provide Elm’s employees as well as their families with health insurance services for one year, starting from 30 June 2023.
The insurance firm highlighted that the deal is forecast to reflect positively on its revenues during this year.
During the first quarter (Q1) of 2023, Tawuniya posted a 1,201% year-on-year (YoY) leap in net profit before Zakat to SAR 101.34 million from SAR 7.78 million.
Meanwhile, Elm generated net profits after Zakat and tax valued at SAR 322 million in Q1-23, up 28.80% from SAR 250 million during January-March 2022.
