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Business, Banking & Finance, Economy

SAIB reports $139 million Q1 net profit

its assets increased by 20.08 percent to $43.65bn.

Nissan forecasts $5.3bn annual net loss

Last year, it announced 9,000 job cuts worldwide.

Saudia to acquire 20 wide-body aircraft

10 of these being acquired for its flydaeal low-cost airline

ADIB’s Q1 net profit $517 million

Q1 2025 net profit before tax increased 18% YoY.

Emirates Islamic Q1 profit $394m

The bank's profit crossed AED 1bn mark for the first time.

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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