Saudi Re profit up 6% to SAR 75.3M in H1 2024; Q2 at SAR 43.5M

04/08/2024 Argaam Exclusive

Saudi Reinsurance Co. (Saudi Re) posted a 6% rise in H1 2024 net profit to SAR 75.3 million, from SAR 71.2 million in the year-earlier period



Financials (M)

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 1,217.09 1,445.92 18.8 %
Insurance Revenues 286.63 482.69 68.4 %
Net Profit Before Zakat & Tax 81.93 89.81 9.6 %
Net Income 71.16 75.28 5.8 %
Average Shares 89.10 89.10 -
EPS (Riyals) 0.80 0.84 5.8 %

The profit rise was attributed to growth in the company's business according to its strategy and business plan.

 

Net insurance results climbed 20% year-on-year (YoY) on a 68% surge in insurance revenue.

 

Investment results also increased by 13% YoY.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Gross Written Premium (GWP) 146.31 254.42 73.9 %
Insurance Revenues 157.34 275.75 75.3 %
Net Profit Before Zakat & Tax 66.02 52.25 (20.8 %)
Net Income 59.96 43.48 (27.5 %)
Average Shares 89.10 89.10 -
EPS (Riyals) 0.67 0.49 (27.5 %)

The second-quarter net earnings dropped 27.5% to SAR 43.5 million, from SAR 59.9 million in Q2 2023. The second quarter of 2023 included a profit share from equity accounted investee (Probitas Holdings) amounting to SAR 21 million, while the current quarter did not include any profit after the sale of Probitas.

 

Saudi Re generated £123 million, or nearly SAR 578 million, from the sale of Probitas, excluding the costs associated with the deal. The book value of the asset as of the second quarter of 2024 was SAR 211 million and will be included in the company's financial statements in the third quarter of 2024.

 

Net insurance results dropped 10% YoY.

Insurance Operations

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 1,217.09 1,445.92 18.8 %
Insurance Revenues 286.63 482.69 68.4 %
Insurance Services Income 72.59 87.08 20.0 %
Investment Income 24.50 27.60 12.7 %
Net Profit of Insurance Services and Investment 70.41 103.27 46.7 %

On the other hand, net earnings jumped 36.8% from SAR 31.8 million in Q1 2024 backed by the company’s business growth in line with its strategy. Net insurance results and revenue leapt 80% and 33% quarter-on-quarter, respectively.

 

Shareholders’ equity, after minority interest, rose to SAR 1.21 billion by June 30, 2024, compared to SAR 1.09 billion in the prior-year period.

 

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Share Price

Saudi Reinsurance Co.
45.25
(0.85) (1.84 %)

Saudi Reinsurance Co. (SAUDI RE)

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Financial Ratios
Current
Market Cap (M) 4,031.78
Shares Outstanding (M) 89.10
EPS ( Riyal) (TTM) 5.55
Book Value (BV) ( Riyal) 18.13
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 31.45
P/E (TTM) 8.16
Price/Book 2.50
Return on Average Assets (%) (TTM) 17.3
Return on Average Equity (%) (TTM) 36.1
Return on Market Cap (%) 15.4
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