Wataniya Insurance Co. swung to a net profit of SAR 84.6 million for 2023, from a net loss of SAR 27.7 million a year earlier.
Item | 2022 | 2023 | Change |
---|---|---|---|
Gross Written Premium (GWP) | 1,042.42 | 1,627.88 | 56.2 % |
Insurance Revenues | 835.08 | 1,378.64 | 65.1 % |
Net Profit Before Zakat & Tax | (21.17) | 96.49 | 555.8 % |
Net Income | (27.66) | 84.58 | 405.8 % |
Average Shares | 40.00 | 40.00 | - |
EPS (Riyals) | (0.69) | 2.11 | 405.8 % |
The profit was driven by an increase in insurance revenue to SAR 543.55 million, or 65.08% compared to 2022. In addition, the company’s insurance services results increased 162.14% year-on-year (YoY) to SAR 164.66 million. Investment revenue rose 426.36% YoY to SAR 36.47 million.
In Q4 2023, the insurer turned a profit of SAR 31.5 million versus a loss of SAR 12.25 million in the year-earlier period.
The fourth-quarter net profit declined from SAR 33.99 million in Q3 2023.
Item | Q4 2022 | Q4 2023 | Change |
---|---|---|---|
Gross Written Premium (GWP) | 261.84 | 353.25 | 34.9 % |
Insurance Revenues | 214.98 | 439.95 | 104.6 % |
Net Profit Before Zakat & Tax | (9.38) | 35.01 | 473.2 % |
Net Income | (12.25) | 31.50 | 357.2 % |
Average Shares | 40.00 | 40.00 | - |
EPS (Riyals) | (0.31) | 0.79 | 357.2 % |
Item | 2022 | 2023 | Change |
---|---|---|---|
Gross Written Premium (GWP) | 1,042.42 | 1,627.88 | 56.2 % |
Insurance Revenues | 835.08 | 1,378.64 | 65.1 % |
Insurance Services Income | (13.47) | 64.63 | 579.8 % |
Investment Income | 8.55 | 45.03 | 426.7 % |
Net Profit of Insurance Services and Investment | (0.75) | 104.45 | 14026.7 % |
Total shareholder equity (no minority interest) at the end of 2023 amounted to SAR 488.27 million compared to SAR 400 million at the end of 2022.
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