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Bupa Arabia Cooperative Ins. (Bupa Arabia)reported a 16.8% y-o-y rise in net income last year to SAR 940 mn, while ins. revenues grew 23.4% y-o-y to c. SAR 15.9 bn, its financial results to Tadawul showed yesterday. The full-year profitability came despite a dip in net income in 4Q 2024.
Driving the growth during the year: Bupa Arabia attributed the rise in net income last year to a higher net ins. services on the back of business growth, rise in insured lives, and lower reins. net expenses. The higher net income also came on the back of a 110.2% surge in net other revenue due to business growth and start of subsidiary operations. This helped offset lower investment results and higher operating expenses during the year. The rise in revenues during 2023 came on the back of business growth and increase in ins. lives, according to the disclosure.
Cloud solutions provider Edarat Group reported a c.37.8% y-o-y rise in net income in 2023 to SAR 17.4 mn, according to its financial statements to Tadawul.Its revenues were up 36.2% y-o-y last year to SAR 80.2 mn. The rise in topline came on the back of a 152% y-o-y growth in revenues for Edarat Cloud during the second half of the year.
