Buruj Cooperative Insurance Co (8270)

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News

18 February 2024 11:45 AM GIG sells entire stake in Buruj Cooperative for SAR 122m

Riyadh – Mubasher: Buruj Cooperative Insurance Company has announced that its majority shareholder Gulf Insurance Group (GIG) entered a binding agreement to sell its entire stake in the company to Cigalah Trading Establishment for SAR 121.83 …

Corporate Actions

4 December 2023 11:36 AM Buruj Cooperative names Al Ghunaim as Acting CEO

Riyadh – Mubasher: Buruj Cooperative Insurance Company appointed Bader bin Saad Al Ghunaim as an acting CEO in addition to his current duties for the coming six months. Al Ghunaim succeeded Abdulrahman Al Dokheel, who resigned from his position as …

Corporate Actions

7 November 2023 08:26 PM Buruj Cooperative turns profitable in 9M-23

Riyadh – Mubasher: Buruj Cooperative Insurance Company reported net profits before Zakat of SAR 21.64 million in the first nine months (9M) of 2023, a turnaround from a net loss of SAR 25.35 million in the same period of the previous year. The …

Financial Results

25 May 2022 04:40 PM Buruj Cooperative appoints new Chairman, Vice Chairman

Riyadh – Mubasher: Buruj Cooperative Insurance Company has named Yasser Youssef Naghi as the new Chairman of the board for the next three years. The Saudi listed company also appointed Ahmed Mohammed Hamed Al Marzouqi as the Vice Chairman, …

Management Decisions

10 March 2022 05:54 PM Buruj Cooperative’s profits drop 7.5% in 2021

Riyadh – Mubasher: Buruj Cooperative Insurance Company has recorded net profits before Zakat worth SAR 15.77 million last year, a decline of 7.58% from SAR 17.06 million in 2020. The earnings per share (EPS) decreased to SAR 0.14 in 2021 from SAR …

Financial Results

17 August 2021 05:29 PM Buruj Cooperative posts 42% lower profits in H1-21

Riyadh – Mubasher: Buruj Cooperative Insurance Company achieved net profits before Zakat worth SAR 4.13 million in the first half (H1) of 2021, a plunge of 42% from SAR 7.15 million in H1-20. Net written premiums declined also by 42% to SAR 51.8 …

Financial Results

9 June 2021 10:36 AM Moody’s affirms Buruj’s rating at ‘Baa2’; outlook changed to ‘Stable’

Riyadh – Mubasher: Moody’s Investors Service has confirmed the ‘Baa2’ insurance financial strength rating (IFSR) of Buruj Cooperative Insurance Company, according to a disclosure to Tadawul on Wednesday. The rating agency has also changed the …

Ratings

18 April 2021 02:23 PM Saudi insurance sector’s net income shrinks 69% in Q4-20 – Aljazira Capital

Riyadh – Mubasher: The insurance sector in Saudi Arabia registered a drop of 69.1% year-on-year (YoY) in net income at SAR 94.5 million during the fourth quarter of 2020 (Q4-20). Net income before Zakat totalled SAR 266.2 million in Q4-20, …

Sector Reports

23 March 2021 11:58 AM Buruj's net profits rise 12% in 2020

Riyadh – Mubasher: The net profits before Zakat of Buruj Cooperative Insurance Company increased by 12.374% to SAR 17.064 million in 2020 from SAR 15.185 million in 2019. Higher net profits are driven by lower net incurred claims due to a decline …

Financial Results

18 November 2020 09:55 AM Moody’s places Buruj's Baa2 IFS rating on review for downgrade

Riyadh – Mubasher: Moody’s Investors Service has placed Buruj Cooperative Insurance Company’s Baa2 insurance financial strength rating (IFSR) on review for downgrade. The review for downgrade highlights governance risks and deterioration in the …

Ratings

5 November 2020 10:02 AM Buruj quarterly loss widens 5%

Riyadh – Mubasher: The net losses of Buruj Cooperative Insurance Company rose by 5.4% year-on-year (YoY) during the third quarter (Q3) to reach SAR 10.4 million. The higher loss resulted from a decrease of 41.44% in combined net profit of …

Financial Results

27 August 2020 10:40 AM Buruj CEO, financial manager suspended

Riyadh – Mubasher: Buruj Cooperative Insurance Company has received a letter from the Saudi Arabian Monetary Authority (SAMA) restraining the firm's CEO, Samer Kanj, and financial manager, Samer Saad, from carrying out their duties in the company …

Board of Directors

9 July 2020 00:35 PM Five Saudi insurers project higher sales following gov't recent decision

Riyadh - Mubasher: Five Saudi companies listed on the Saudi Stock Exchange (Tadawul) on Thursday announced the impact of the General Traffic Department’s recent mandate obliging all vehicle owners to carry effective motor insurance before the …

Financial Results

23 March 2020 11:53 AM Buruj Cooperative board recommends no dividends for 2019

Riyadh – Mubasher: The board of Buruj Cooperative Insurance Company has recommended not to distribute any dividends for the fiscal year (FY) ended 31 December 2019. The decision aims to support the company’s financial position, according to a …

Cash Dividends

4 December 2019 05:43 PM Buruj to distribute dividends on 16 Dec

Riyadh – Mubasher: Buruj Cooperative Insurance Company announced that payment of the dividends to its shareholders will be on 16 December 2019 through the Saudi British Bank (SABB). Buruj will distribute SAR 1 per share, representing 10% of the …

Company News

28 November 2019 11:55 AM Buruj Insurance approves SAR 1/shr dividends

Riyadh – Mubasher: The ordinary general assembly meeting (OGM) of Buruj Cooperative Insurance Company has approved the board of directors’ recommendation to distribute cash dividends for 2018 at SAR 1 per share. The dividends amount to a total SAR …

General Assembly

6 November 2019 11:21 AM Buruj Cooperative suffers SAR 19m in Q3

Riyadh – Mubasher: Buruj Cooperative Insurance Company suffered SAR 18.65 million losses during the third quarter of 2019, against profits of SAR 23.3 million in Q3-18. Gross written premiums (GWP) of the Saudi insurance provider declined by 17.9% …

Financial Results

23 October 2019 10:50 AM Moody’s affirms IFSR of Buruj at ‘Baa2’; Outlook ‘Stable’

Riyadh – Mubasher: Moody’s Investors Service (Moody’s) has affirmed the “Baa2” insurance financial strength rating (IFSR) of Buruj Cooperative Insurance Company (Buruj) with a stable outlook. The rating reflects Buruj’s improved capital adequacy …

Ratings

27 September 2019 07:24 PM Buruj’s board proposes SAR 30m dividends for 2018

Riyadh – Mubasher: Buruj Cooperative Insurance’s board of director has recommended the distribution of SAR 30 million in cash dividends for the fiscal year 2018. The distribution date will be confirmed following the approval of the company’s …

Cash Dividends

1 August 2018 10:07 PM Moody's upgrades outlook for Buruj Insurance

Mubasher: Moody's Investors Service has affirmed the Baa2 insurance financial strength rating (IFSR) for Buruj Cooperative Insurance Company, and changed the outlook to positive from stable. The change in outlook to positive for Buruj reflects its …

Ratings

15 November 2017 02:27 PM Private deal on Buruj totals SAR 13.6m

Riyadh – Mubasher: A special transaction was on executed on the stock of Buruj Cooperative Insurance Co totaled SAR 13.6 million on Wednesday on the Saudi Stock Exchange (Tadawul). The transaction saw trading of 500,000 shares at SAR 27.2 per …

Trading Activities

23 May 2017 10:33 AM Buruj to pay 5% dividends for 2016

Riyadh – Mubasher: The general assembly of Buruj Cooperative Insurance Co approved the distribution of cash dividends for 2016. The company will pay dividends at SAR 0.50 per share, totalling SAR 12.5 million and representing 5% of the nominal …

Cash Dividends

8 May 2017 05:40 PM Buruj Cooperative Insurance profits up in Q1

Riyadh – Mubasher: Buruj Cooperative Insurance Co. reported a 133.93% year-on-year rise in its profits during the first quarter of 2017, according to a bourse statement. Net profits reached SAR 28 million in Q1-17, compared to SAR 11.97 million in …

Financial Results

27 April 2017 04:33 PM Buruj to discuss FY16 dividends on 22 May

Riyadh – Mubasher: The extraordinary general meeting (EGM) of Buruj Cooperative Insurance Co will meet on 22 May to discuss the dividends distribution for 2016. The company would distribute dividends of SAR 0.50 per share, totalling SAR 12.5 …

General Assembly

6 April 2017 04:07 PM Buruj Insurance proposes SAR 0.50/shr dividends for 2016

Riyadh – Mubasher: Buruj Cooperative Insurance Co’s board recommended a cash dividend of 5% or SAR 0.50 per share for 2016. The company would pay a total of SAR 12.5 million, according to a bourse filing on Thursday. The eligibility will be for …

Cash Dividends