Tawuniya ranks 69th among Top 100 Companies in Arab World 2017: Forbes

The Company for Cooperative Insurance (Tawuniya) has ranked 69th on the Forbes' Top 100 Companies in the Arab World 2017 list.

The position was backed by Tawuniya's strong financial results in 2016, when its gross written premiums (revenue) hit SAR 8.05 billion and net profit after zakat stood at SAR 733 million.

The company, which had a market value of nearly SAR 12 billion, also saw its total assets growing to SAR 13.5 billion after raising its capital to SAR 1.25 billion.

Tawuniya continues to boost its capital adequacy ratio to enhance its position and competitive ability, being the leading insurance firm in the local market, said Majed Albahiti, Tawuniya's marketing head.

Saudi Arabia dominated the list with 36 companies.

The list covered 1,300 companies listed on stock markets in Saudi Arabia, Qatar, Oman, Jordan, Egypt, Kuwait, Bahrain, the United Arab Emirates, Lebanon, Morocco and Tunisia.

The rankings are based on four basic metrics, namely market value, sales, net profits and total assets