Riyadh - Mubasher: The annual financial results of Saudi Arabian Cooperative Insurance Company ( SAICO ) revealed a 30.6% decline in net profits in 2024.

The company explained, according to a statement issued today on Tadawul, that net profit (loss) after zakat attributed to shareholders amounted to approximately 49.32 million riyals, compared to 71.09 million riyals in 2023.

The company attributed the decline in net profit to a decline in medical operations, with other operating expenses amounting to SAR 18.37 million this year, compared to SAR 16.28 million the previous year, a 13% increase.

The company noted that net investment results for the current year amounted to approximately 30.5 million riyals, compared to 21.06 million riyals for the previous year, an increase of 45%. Total comprehensive income for the current year also amounted to 68.23 million riyals, compared to 78.16 million riyals for the previous year.

Insurance revenues increased by approximately 3.46%, reaching approximately 1.08 billion riyals, compared to 1.04 billion riyals in 2023.