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Oracle shares up 35%

Huge AI contracts lead to the surge.

ADCB to raise $1.66bn

The rights issue aimed at boosting growth.

EGA H1 revenue $4.11bn

Net profit before GAC $445 million.

Borouge to pay $660m H1 dividend

Its net profit for H1 was $474 million.

TAQA secures $2.31bn loan

It will be utilized in a phased manner.

Bupa Arabia’s profit dips by 16%

Total shareholders’ equity, with no minority interests, increased to SAR 4.52 billion as of Sept. 30, 2023.
By TRENDS Desk
August 4, 2022 2:45 pm
  • The company saw a big jump in payouts to $259 million on claims incurred during the six-month period
  • The Saudi-based insurer said the decrease in profit was caused by a drop of 12.3 percent in underwriting income

The company’s shares fell in early trade after it recorded a 16 percent decline in net profit in the first half of 2022 on the back of a fall in underwriting income.

Its net profit stood at $114 million in the first half of 2022, the Saudi-based insurer said in a statement.

The decrease in profit was caused by a drop of 12.3 percent in underwriting income — the difference between premiums received on insurance policies and expenses and claims paid.

Claims incurred during the six-month period rose by $259 million year-on-year, on the back of a pandemic rebound from low levels witnessed during lockdowns.

This was partly offset by a 20 percent increase in net earned premiums to SR7.2 billion.

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