Financial Results : Buruj turns to SAR 20.1M profit in 2023; Q4 at SAR 5.9M

Buruj turns to SAR 20.1M profit in 2023; Q4 at SAR 5.9M

10/03/2024 Argaam Exclusive

View other reports

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.



Financials (M)

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.



Current Quarter Comparison (M)

Compared With The
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 %

Insurance Operations

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. 

 

View more financial results

 

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Contact Us (+966)-92000-7759

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.