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UAB net profit up by 50% for H1

Total assets increase by 11 percent.

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.

Tawuniya Q1 2023 net profit $20m

The financing aims to strengthen the company’s financial position. (Tadawul)
  • The growth in revenues were offset by an increase in claims incurred and attributable expenses by US$172 million.
  • Tawuniya booked additional risk adjustments of US$10 million in Q1 2023 and additional acquisition costs of US$18 million.

RIYADH, SAUDI ARABIA –  The Company for Cooperative Insurance (Tawuniya) swung to a net profit of US$20 million (SAR 75 million) in Q1 2023, from a net loss of US$3.6 million (SAR 13.8 million) in the year-earlier period.

Insurance services results improved by US$55 million (SAR 207.07 million), compared to Q1 2022. This was driven by a strong growth in gross written premiums (GWPs) by nearly US$440,000 (SAR 1.65 million).

Gross earned premiums also increased by SAR 1.19 million. The growth in revenues were offset by an increase in claims incurred and attributable expenses by US$172 million  (SAR 647.86 million).

Tawuniya booked additional risk adjustments of US$10 million (SAR 38.09 million) in Q1 2023 and additional acquisition costs of US$18 million (SAR 69.25 million), which drove the GWPs growth.

Meanwhile, net income from reinsurance contracts decreased to SAR 474.61 million, from SAR 570.08 million in Q1 2022.