SAICO swings to SAR 71.1M profit in 2023; Q4 at SAR 11.6M

20/03/2024 Argaam Exclusive

Saudi Arabian Cooperative Insurance Co. (SAICO) reported a net profit of SAR 71.1 million for 2023, versus a net loss of SAR 61.7 million a year earlie



Financials (M)

Item 2022 2023 Change‬
Gross Written Premium (GWP) 1,039.42 1,061.78 2.2 %
Insurance Revenues 911.68 1,044.52 14.6 %
Net Profit Before Zakat & Tax (54.41) 78.33 244.0 %
Net Income (61.65) 71.10 215.3 %
Average Shares 30.00 30.00 -
EPS (Riyals) (2.05) 2.37 215.3 %

This was fueled by 2023 net insurance service results that reached SAR 51.75 million, compared to (SAR 77.84 million) during the year before.

 

Net insurance finance expenses for 2023 decreased to (SAR 2.66 million), compared to (SAR 5.26 million) during the year before.

 

This was offset by a decrease of 21.65% in net investment results while other operating expenses increased by 115%.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Gross Written Premium (GWP) 187.25 206.43 10.2 %
Insurance Revenues 257.13 271.42 5.6 %
Net Profit Before Zakat & Tax (6.68) 13.27 298.8 %
Net Income (7.53) 11.58 253.8 %
Average Shares 30.00 30.00 -
EPS (Riyals) (0.25) 0.39 253.8 %

Q4 2023 net profit stood at SAR 11.6 million, against a net loss of SAR 7.53 million in the prior year period.

 

On a quarterly basis, net profit decreased 47.9%, from SAR 22.22 million.

 

Total shareholders’ equity, no minority interest, stood at SAR 313.60 million by Dec. 31, 2023, compared to SAR 235.43 million a year earlier.

 

Accumulated losses reached SAR 76.2 million by Dec. 31, 2023, representing 25.41% of capital amounting to SAR 300 million.

Insurance Operations

Item 2022 2023 Change‬
Gross Written Premium (GWP) 1,039.42 1,061.78 2.2 %
Insurance Revenues 911.68 1,044.52 14.6 %
Insurance Services Income (77.85) 51.76 166.5 %
Investment Income 26.88 21.06 (21.7 %)
Net Profit of Insurance Services and Investment (56.23) 70.15 224.8 %

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Share Price

Saudi Arabian Cooperative Insurance Co.
15.22
(0.26) (1.68 %)

Saudi Arabian Cooperative Insurance Co. (SAICO)

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Financial Ratios
Current
Market Cap (M) 456.60
Shares Outstanding (M) 30.00
EPS ( Riyal) (TTM) 1.96
Book Value (BV) ( Riyal) 11.29
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 7.76
P/E (TTM) 7.76
Price/Book 1.35
Return on Average Assets (%) (TTM) 3.7
Return on Average Equity (%) (TTM) 19.3
Return on Market Cap (%) 12.9
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