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Company News, Business, Banking & Finance, Economy

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Qualcomm to Alphawave for $2.4 bn

The deal makes Alphawave the latest tech company to depart London.

Equinor signs $27 bn gas deal

The 10-year contract was signed with Centrica.

ADNOC Drilling secures $1.15bn contract

The contract for two jack-up rigs begins in the second quarter.

Etihad Q1 profit $187 million

This is a 30% YoY increase over Q1 2025.

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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