Chubb Arabia Secures SAR 52.19 Million Insurance Contract Renewal with Sipchem
Chubb Arabia Cooperative Insurance Company has successfully renewed a substantial insurance coverage contract with Sahara International Petrochemical Company (Sipchem), amounting to SAR 52.19 million.
The one-year contract, effective from November 1, 2023, encompasses comprehensive insurance coverage for property damage and business interruption risks, as detailed in a recent filing with the stock exchange.
Anticipated to significantly impact Chubb Arabia's financial performance in both 2023 and 2024, the renewal affirms the continued partnership between the insurance company and Sipchem.
Examining financial figures for the first nine months (9M) of 2023, Chubb Arabia posted net profits before Zakat totaling SAR 22.15 million.
In the same period, Sipchem reported net profits amounting to SAR 1.01 billion, showcasing robust financial results.
During the initial half (H1) of 2023, Chubb Arabia's net profit stood at SAR 12.39 million, accompanied by earnings per share (EPS) of SAR 0.30.
These figures underscore the company's steady financial performance during the first half of the year.