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Business, Banking & Finance, Economy

TSMC Q2 profit up 60%

TSMC is the world's largest contract maker of chips.

ADNOC shifts OMV stake to XRG

XRG is ADNOC's wholly-owned international investment company.

SIB H1 net profit $189m

The bank's total assets increased by $1.49 billion.

TSMC’s H1 revenue up 40 percent

Robust demand for AI technology behind the surge.

‘Wadeem’ sold out for $1.49bn

This is the highest Abu Dhabi real-estate release to date.

Gulf Union Alahlia Q1 profit $7.5m

The overall loss ratio decreased from 81.6 percent in Q3 of 2022 to 80.7 percent in Q3 of 2023.
By TRENDS Desk
June 18, 2023 7:46 pm
  • Net investment income rose to US$1.2 million (SAR 4.6 million) from US$1 million (SAR 4 million) in Q1 2022.
  • The insurance services provider reported a rise in other income to US$4 million (SAR 15 million) in Q1 2023.

RIYADH, SAUDI ARABIA – Gulf Union Alahlia Cooperative Insurance Co reported a net profit before Zakat of US$7.5 million (SAR 28.4 million) for Q1 2023 against a net loss of US$6.4 million (SAR 24.3 million) in the year-earlier period.

The company’s positive results were driven by a decline in insurance services expenses to US$ 32.5 million (SAR 122 million) in Q1 2023, compared to US$44.2 million (SAR 166 million) in Q1 2022.

Net investment income rose to US$1.2 million (SAR 4.6 million) from US$1 million (SAR 4 million) in Q1 2022. Further, the insurance services provider reported a rise in other income to US$4 million (SAR 15 million) in Q1 2023 from US$69,000 (SAR 260,000) in Q1 2022.

Shareholders’ equity, with no minority interest, increased to US$118 million (SAR 443.35 million) as of March 31, 2023.

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