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Oracle shares up 35%

Huge AI contracts lead to the surge.

ADCB to raise $1.66bn

The rights issue aimed at boosting growth.

EGA H1 revenue $4.11bn

Net profit before GAC $445 million.

Borouge to pay $660m H1 dividend

Its net profit for H1 was $474 million.

TAQA secures $2.31bn loan

It will be utilized in a phased manner.

Bupa Arabia H1 2023 net profit $149m

Total shareholders’ equity, with no minority interests, increased to SAR 4.52 billion as of Sept. 30, 2023.
By TRENDS Desk
August 1, 2023 6:21 pm
  • The corresponding figure in the same period last year - H1 2022- was US$79.8 million.
  • The company reported a jump of US$74.9 million YoY in insurance services results.

RIYADH, SAUDI ARABIA – Bupa Arabia for Cooperative Insurance posted H1 2023 net profit of US$149 million (SAR 560 million). The corresponding figure in the same period last year was US$79.8 million (SAR 299.4 million).

The company reported a jump of US$74.9 million (SAR 281.21 million) year-on-year (YoY) in insurance services results compared to H1 2022.   

The rise was driven by a 25.36 percent YoY jump in insurance revenue and a 35.07 percent YoY drop in net expenses from reinsurance contracts held.

This was partially offset by an increase in insurance of 21.89 percent YoY in services expenses.

Net investment income leapt 18.69 percent YoY.

Other revenue, net of other costs, grew by US$8 million (SAR 30.09 million) YoY in the six-month period. Gross written premiums (GWPs) increased by 28.60 percent YoY.

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