SABB Takaful Company inked a SAR 17.31 million contract with Al Olayan Group on 30 September 2022 for general insurance programmes.

The value of the contract represents more than 1% of the Saudi listed firm’s revenues in 2021, according to a recent bourse filing.

SABB Takaful noted that the deal will reflect on its 2022 income statements.

Last September, the shareholders of Walaa Cooperative Insurance Company agreed to raise its capital for a merger with SABB Takaful, after which the latter will be delisted from the Saudi Exchange (Tadawul).

During the first half (H1) of 2022, SABB Takaful reported net profits before Zakat worth SAR 5.56 million, an annual growth of 14.50% from SAR 4.86 million. The earnings per share (EPS) rose to SAR 0.06 in H1-22 from SAR 0.05 in H1-21.

Meanwhile, the accumulated losses amounted to SAR 60.79 million as of 30 June 2022, accounting for 17.88% of the SAR 340 million capital.