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Earnings from the ins. sector are in the spotlight today.
ALLIANZ SF-
The net income of Allianz Saudi Fransi Cooperative Ins. rose 4x y-o-y to SAR 37 mn in 2023, and revenues were up 17.3% y-o-y to SAR 862.6 mn, it said in a disclosure to Tadawul. The ins. provider attributed its top and bottom line growth to better performance in its motor and medical segments.
ARABIAN SHIELD-
The net income of Arabian Shield Cooperative Ins. increased to SAR 65 mn in 2023, up from SAR 406k in 2022, while revenues were up 24.7% y-o-y to SAR 1.1 bn, it said in a disclosure to Tadawul.
SALAMA-
Salama Cooperative Ins. turned into the black with a net income of SAR 51 mn in 2023, and revenues increased 34% y-o-y to SAR 802 mn, it said in a disclosure to Tadawul.
FIPCO-
Filing and Packing Materials Manufacturing’s net income increased 22.5% y-o-y to SAR 12 mn in 2023, while revenues were down 8.7% y-o-y to SAR 238 mn, it said in a disclosure to Tadawul.
SPCC-
Southern Province Cement’s net income decreased 35% y-o-y to SAR 195 mn in 2023, and revenues were down 12.4% y-o-y to SAR 1.1 bn, it said in a disclosure to Tadawul.
SAUDI CABLE-
Tadawul-suspended Saudi Cable turned into the black with a net income of SAR 33.5 mn in 9M 2023, after accumulating net losses worth SAR 117.5 mn in 9M 2022, it said in a disclosure to Tadawul. Meanwhile, revenues were down 69% y-o-y to SAR 19 mn. On a quarterly basis, the cable manufacturer’s net losses declined to SAR 4.3k in 3Q 2023, down from SAR 35 mn in 3Q 2022. Its top line was down 42% y-o-y to SAR 3.5 mn in 3Q 2023.
CHEMANOL-
Tadawul-listed chemicals manufacturer Chemanol turned into a net loss of SAR 177.8 mnin 2023 due to a drop in average selling prices and sold quantities, it said in a disclosure to Tadawul yesterday. Its revenues were down 32.4% y-o-y during the year to SAR 723 mn.
