SAICO profit falls 33% to SAR 25.1M in H1 2024; Q2 at SAR 21.8M

05/08/2024 Argaam Exclusive

Saudi Arabian Cooperative Insurance Co. (SAICO) reported a profit of SAR 25.1 million in H1 2024, a 33% decline from SAR 37.3 million in the year-earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 693.35 740.30 6.8 %
Insurance Revenues 519.00 536.14 3.3 %
Net Profit Before Zakat & Tax 41.00 29.14 (28.9 %)
Net Income 37.30 25.05 (32.8 %)
Average Shares 30.00 30.00 -
EPS (Riyals) 1.24 0.84 (32.8 %)

The net results of insurance services dropped 32.6% year-on-year (YoY) during the current period to SAR 29 million.

 

Net insurance financing expenses reached SAR 8 million in H1 2024, compared to SAR 2.1 million a year ago.

 

Meanwhile, net investment income rose 42.6% to SAR 14.5  in the first six months of 2024, compared to SAR 14.5 million in the same period last year.

 

Other operating expenses plunged 30% YoY.

 

Total comprehensive income reached SAR 25 million in H1 2024, down from SAR 37.3 million a year earlier.

 

Insurance revenues improved 3.3% to SAR 536.1 million in the first six months, compared to SAR 519 million in the previous year.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Gross Written Premium (GWP) 228.64 233.20 2.0 %
Insurance Revenues 263.10 259.11 (1.5 %)
Net Profit Before Zakat & Tax 30.92 23.89 (22.7 %)
Net Income 29.07 21.84 (24.9 %)
Average Shares 30.00 30.00 -
EPS (Riyals) 0.97 0.73 (24.9 %)

In the second quarter, the insurer reported a net profit of SAR 21.8 million, down 25 percent from SAR 29 million in Q2 2023.

 

Sequentially, SAICO’s profit jumped from SAR 3.2 million in Q1 2024.

Insurance Operations

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 693.35 740.30 6.8 %
Insurance Revenues 519.00 536.14 3.3 %
Insurance Services Income 28.63 27.84 (2.8 %)
Investment Income 10.17 14.51 42.7 %
Net Profit of Insurance Services and Investment 36.60 34.28 (6.3 %)

Total shareholders’ equity, no minority interest, increased to SAR 338.6 million by the end of June 2024 from SAR 271.7 million a year earlier.

 

Accumulated losses stood at SAR 51.19 million, representing 17.07% of the company’s capital, as of June 30, 2024.

 

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Share Price

Saudi Arabian Cooperative Insurance Co.
15.54
(0.14) (0.89 %)

Saudi Arabian Cooperative Insurance Co. (SAICO)

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Financial Ratios
Current
Market Cap (M) 466.20
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) 7.92
P/E (TTM) 7.92
Price/Book 1.38
Return on Average Assets (%) (TTM) 3.7
Return on Average Equity (%) (TTM) 19.3
Return on Market Cap (%) 12.9
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