RIYADH: Allianz Saudi Fransi Cooperative Insurance Co. has announced its annual financial results for the year ending December 31, 2023, showcasing significant growth in key financial metrics.

The company’s insurance revenues soared to SAR 862,625.07, marking a 17.26% increase from the previous year’s SAR 735,650.28. This surge is attributed to the expanded business in the Medical and Motor segments, which saw considerable growth over the year.

Despite a 37.65% decrease in the result of insurance services, the net profit from insurance results jumped by 51.55%, from SAR 19,929.25 to SAR 30,203.71. The investment results were even more impressive, with net profits skyrocketing by 248.91% to SAR 96,896.52, up from SAR 27,771.26.

The company also reported a staggering 730.57% increase in net insurance financing expenses, which stood at -SAR 54,112.22, compared to -SAR 6,515.07 in the previous year.

Shareholders have a reason to celebrate as the net profit, after Zakat, attributable to them reached SAR 36,986.89, a 331.29% leap from the previous year’s SAR 8,575.8. The total comprehensive income for the year was reported at SAR 59,180.86, a significant recovery from the previous year’s loss of SAR -10,151.17.

The total shareholders’ equity, after deducting minority equity, showed a modest increase of 0.89%, standing at SAR 786,488.75, up from SAR 779,546.28.

Earnings per share (EPS) for the year ended 2023 were calculated at SAR 0.62, based on the net profit after Zakat and income tax divided by the weighted average number of shares, which was 59,766,666. In comparison, the EPS for the year ended 2022 was SAR 0.14, calculated over 60,000,000 shares.

The comprehensive income for the year amounted to SAR 59.2 million, a stark contrast to the comprehensive loss of SAR 10.2 million for the previous year, reflecting the company’s robust performance and strategic focus on high-growth segments.

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