Riyadh, Saudi Arabia — Walaa Cooperative Insurance Company has posted a net profit of SAR148 million ($39.46 million) in 2023, after recording a loss of SAR68.1 million ($18.15 million) in 2022.
In a Tadawul disclosure, Walaa attributed the increase in net profit to insurance revenue of SAR 28.12 million in 2023 compared to a loss of SAR 119.9 million in 2022 on business growth and improvement in the loss ratios in certain lines.
The profit also resulted from an increase of 110.53 percent in investments to SAR 164.98 million in 2023, from SAR78. 36 million in 2022, mainly due to an increase in unrealized gains on investments and commission income on deposits.
However, these were partially offset by an increase of 76.90 percent in operating expenses to SAR 37 million in 2023, from SAR 20.93 million of the restated results of previous year.
In Q4 2023, the company recorded a net profit of SAR 45.3 million, against a net loss of SAR 11.41 million in the same quarter of previous year.
Shareholders’ equity, no minority interest, amounted to SAR 1.27 billion as of Dec. 31, 2023, compared to SAR 1.11 billion in 2022.