Riyadh – Mubasher: The Company for Cooperative Insurance (Tawuniya) registered net profits before Zakat amounting to SAR 101.34 million in the first quarter (Q1) of 2023.
The recorded net profits hiked by 1,201% from SAR 7.78 million in Q1-22, according to the interim consolidated financial results.
Gross written premiums (GWP) jumped by 47.09% year-on-year (YoY) to SAR 5.16 billion in Q1-23 from SAR 3.50 billion.
During the first three months (3M) of 2023, the earnings per share (EPS) hit SAR 0.60, against a loss per share valued at SAR 0.11 in the year-ago period.
In 2022, the company’s net profits before Zakat reached SAR 480.38 million, marking a 37.20% leap from SAR 350.13 million during the 12-month period that ended on 31 December 2021.
Last May, the board members of Tawuniya recommended cash dividends worth SAR 125 million for 2022 as well as a 20% capital raise through bonus shares.
