Buruj Cooperative Insurance Co. swung to a net profit of SAR 20.1 million in 2023 against a net loss of SAR 29 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 368.84 | 422.80 | 14.6 % |
| Insurance Revenues | 417.10 | 373.44 | (10.5 %) |
| Net Profit Before Zakat & Tax | (23.88) | 25.58 | 207.1 % |
| Net Income | (29.00) | 20.08 | 169.3 % |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | (0.97) | 0.67 | 169.3 % |
The annual profit was fueled by a positive increase of 14.63% year-on-year (YoY) in gross written premiums (GWPs) to SAR 53.9 million. Buruj reported a surplus of SAR 4.98 million from the insurance services results, against a deficit of SAR 56.5 million in the previous year.
It also recorded a decrease of 23.86% YoY in insurance services expenses to SAR 105.6 million. Total incurred claims also declined by 23.12% YoY, while net investment income grew by 44.47% compared to 2022.
By contrast, revenues decreased in 2023 compared to the previous year, mainly due to a drop in the total earned premiums of 8.67% YoY.
The fourth-quarter net profit jumped 67% to SAR 5.9 million from SAR 3.5 million in Q4 2022.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 71.41 | 80.33 | 12.5 % |
| Insurance Revenues | 102.25 | 106.24 | 3.9 % |
| Net Profit Before Zakat & Tax | 1.48 | 3.94 | 165.8 % |
| Net Income | 3.55 | 5.92 | 66.7 % |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 0.12 | 0.20 | 66.7 % |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 96.58 | 80.33 | (16.8 %) |
| Insurance Revenues | 98.28 | 106.24 | 8.1 % |
| Net Profit Before Zakat & Tax | 4.00 | 3.94 | (1.6 %) |
| Net Income | 1.50 | 5.92 | 294.4 % |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 0.05 | 0.20 | 294.4 % |
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 368.84 | 422.80 | 14.6 % |
| Insurance Revenues | 417.10 | 373.44 | (10.5 %) |
| Insurance Services Income | (56.53) | 4.99 | 108.8 % |
| Investment Income | 19.80 | 28.63 | 44.6 % |
| Net Profit of Insurance Services and Investment | (32.20) | 31.99 | 199.3 % |
Sequentially, net earnings surged 294.4% from SAR 1.5 million in Q3 2023.
Shareholders’ equity, no minority interest, rose to SAR 441.37 million as of Dec. 31, 2023, from SAR 417.51 million in the year-earlier period.
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