TAWUNIYA-

The Company for Cooperative Ins. (Tawuniya) reported a 65.8% y-o-y increase in net income at SAR 1.02 bn in 2024, it said in a disclosure to Tadawul. The company’s ins. revenues saw 19.7% y-o-y growth during the year at SAR 18.27 bn, driven by growth across its main divisions.

Looking ahead: Tawuniya plans to enter Saudi Arabia’s reins. sector in 2025, with a decision expected within the next two quarters, CEO Othman Al Qasabi told Asharq Business (watch, runtime: 13:00). The company holds a 30% share in the market, with health ins. accounting for 70% of its portfolio, Al Qasabi said.

ELM-

PIF-owned digital solutions provider Elm Company’s net income grew 34.7% y-o-y to SAR 1.8 bn in 2024, according to a disclosure to Tadawul. Elm’s top line grew 25.6% y-o-y to SAR 7.4 bn during the year on the back of growth in digital and process outsourcing businesses, which offset a 35.2% increase in operating expenses.

ALSO- Elm’s BoD is distributing SAR 310.8 mn in interim dividends for 2H 2024 at SAR 4 apiece, it said in a separate disclosure. Distribution is scheduled for Monday, 17 March.

GASCO-

National Gas and Industrialization’s (Gasco) net income increased 9.4% y-o-y to SAR 248.7 mn in 2024, driven by higher gross income and lower zakat expenses, it said in a disclosure to Tadawul. Meanwhile, revenues grew 16.7% y-o-y to SAR 2.9 bn on the back of an increase in gas sales, as well as rising returns from cylinder sales and commercial projects.

ADVANCED PETROCHEMICAL-

Advanced Petrochemical reported a SAR 259 mn net loss, falling to the red from a SAR 171 mn net income in 2023, according to a disclosure to Tadawul. The drop was attributed to a 10% rise in propane prices and losses from the South Korean petrochemical company SK Advanced — which posted losses the past three years, prompting the company to consider an exit, CEO Fahad Al Mutrafi told Al Arabiya.

Meanwhile, the company’s revenues fell 7.6% y-o-y to SAR 2.2 bn, driven by a 10% drop in sales volume due to periodic scheduled maintenance.

GIG-

Gulf Ins. Group (GIG) saw its net income fall 3.4% y-o-y to SAR 92.4 mn in 2024, driven by lower car ins. revenues and higher operating expenses, it said in a disclosure to Tadawul. Meanwhile, revenues were down 6.5% y-o-y at SAR 1.46 bn.

ARABIAN PIPES-

Arabian Pipes reported a 27.3% y-o-y increase in its net income to SAR 168.2 mn in 2024, driven by growing sales volumes due to higher production and supply efficiency rates, it said in an earnings release (pdf). Revenues increased 4.5% y-o-y to SAR 1.1 bn in 2024, buoyed by recent acquisitions which allowed the company to increase sales and production levels.

ALSO- The board recommended distributing SAR 22.5 mn in dividends for 2024 at SAR 0.15 apiece, the pipe maker said in a separate disclosure to Tadawul. The executive board also recommended a 33% capital increase to SAR 200 mn through the capitalization of retained earnings, with shareholders getting an additional share for every 3 shares owned, according to another disclosure. The increase will finance future expansion plans.

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