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.