The shares of the United Insurance Group, “Ajej”, listed in the Saudi market “Tadawul” by 6.13% by closing trading on Monday, trading at the price of 11.43 riyals per share, achieving the largest daily gains in a month.
The trading on the arrow of the United Group for Cooperative Insurance “Ajej” at that time through 3.87 thousand trading operations, on 1.52 million shares with a trading value of 17.45 million riyals.
The highest price for the share at that time was at 11.84 riyals, while the lowest price was at 10.86 riyals per share.
During the third quarter of 2024, the financial results of the United Cooperative Insurance Group (Assige) witnessed a sharp decline in its net profit, as the profit decreased by about 91% compared to the same period in 2023.
The net profit after the calculation of zakat and tax in this period amounted to approximately 2.93 million riyals, compared to 32.3 million riyals, which was registered in the third quarter of last year.
Despite this remarkable annual decrease, the company achieved a slight increase on a quarterly basis by 1.31%, as the net profit in the second quarter of the same year reached 2.9 million riyals.
As for the performance level during the first nine months of 2024, the company achieved a net profit of 31 million riyals, compared to about 46.36 million riyals in the same period of 2023, i.e. a decrease of 33.53%, which reflects continuous pressure on the general financial performance.
The United Cooperative Insurance Group is one of the public companies listed in the Saudi financial market (Tadawul) since August 2007, and it has been working under the supervision of the Saudi Insurance Authority, and its headquarters is located in Jeddah. The company provides various insurance services that include health insurance, vehicle insurance, marine and international insurance, in addition to professional coverage and general insurance directed to individuals and institutional authorities.
In the fiscal year ending at the end of 2022, the company recorded a significant growth in its insurance activity, as the value of the seized installments increased to about 821.8 million riyals, an increase exceeding 100% compared to the previous year, while the net installments reached 260.9 million riyals, achieving a growth of approximately 50%, which reflects a remarkable expansion in the company’s insurance base during that period.
