Tawuniya Q1 2024 profit rises to SAR 196.7M

02/05/2024 Argaam Exclusive
1

The Company for Cooperative Insurance (Tawuniya) reported a net profit of SAR 196.7 million in Q1 2024, compared to SAR 74.5 million in a year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Gross Written Premium (GWP) 5,364.12 4,560.00 (15.0 %)
Insurance Revenues 3,407.31 4,385.96 28.7 %
Net Profit Before Zakat & Tax 101.35 230.08 127.0 %
Net Income 74.47 196.69 164.1 %
Average Shares 150.00 150.00 -
Earnings Per Share before unusual items 0.50 1.31 164.1 %
EPS (Riyals) 0.50 1.31 164.1 %

This was driven by a significant improvement in insurance service results, which rose to SAR 345.68 million from SAR 312.30 million in Q1 2023, thanks to an increase in insurance revenues and better claims management.

 

Insurance revenues increased 28.72% year-on-year (YoY) to SAR 978.65 million.

 

The company posted 57.55% growth YoY in net profit of insurance results at SAR 93.40 million compared to the similar quarter of last year, driven by improvement in results of insurance services across main lines of business, health, motors, and general insurance.

 

The insurer’s investment results grew by 28.83%, or SAR 38.23 million, due to the strong growth in unrealized gains from improved equity market performance, coupled with an increase in yield on Murabaha deposits.

 

Net insurance finance expenses dropped 13.19% to SAR 30.87 million.

 

On a sequential basis, net profit increased more than twofold from SAR 86.08 million.

Insurance Operations

Item 3m 2023 3m 2024 Change‬
Gross Written Premium (GWP) 5,364.12 4,560.00 (15.0 %)
Insurance Revenues 3,407.31 4,385.96 28.7 %
Insurance Services Income 162.31 255.71 57.5 %
Investment Income (0.56) 170.89 30616.1 %
Net Profit of Insurance Services and Investment 126.19 395.73 213.6 %

Shareholders’ equity, no minority interest, stood at SAR 3.8 billion by the end of Q1 2024, compared to SAR 3.2 billion a year earlier.

 

View More Financial Results

 

View other reports

Share Price

The Company for Cooperative Insurance (TAWUNIYA)

Created with Highstock 6.0.710:2010:4011:0011:2011:3011:4011:5012:0012:2012:3012:4012:5013:0013:1013:2013:3013:4013:5014:0014:1014:2014:3014:4014:5015:10144145146147148149150151
Close : 144.80 | Feb 20, 15:19

Current
Market Cap (M) 21,720.00
Shares Outstanding (M) 150.00
EPS ( Riyal) (TTM) 6.29
Book Value (BV) ( Riyal) 28.66
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 23.01
P/E (TTM) 23.01
Price/Book 5.05
Return on Average Assets (%) (TTM) 4.8
Return on Average Equity (%) (TTM) 24.0
Return on Market Cap (%) 4.3

Kindly, you can view the full report by subscribing to the Advanced Package

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.


Comments 1

1
1
407

fer2011

منذ 1 سنه
يبدو بإن الخطط بدأت تحقق اهدافها
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.
Call Request

Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.

Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website