Salama posts 41% profit drop to SAR 30.1M in 2024; Q4 at SAR 2.8M

Salama Cooperative Insurance Co. reported a 41% fall in net profit to SAR 30.1 million for 2024, from SAR 51.3 million in the year-earlier period.

Insurance revenue dipped 15.4% year-on-year (YoY) to SAR 678.5 million in 2024.

The company also cited a decline of in insurance service results to negative SAR 19.5 million, compared to SAR 78.3 million in 2023 as Salama recorded an outstanding claim provision of SAR 92 million related to losses from the fire that broke out at the Jeddah International Market.

Moreover, net profit from insurance results decreased by 11% YoY to SAR 33.9 million. Other revenues related to the surplus share from Hajj and Umrah coinsurance portfolio for 2024 shrank by SAR 11.7 million, reaching SAR 1.5 million, compared to SAR 13.2 million for the previous year.

Salama’s finance income increased by SAR 1.2 million YoY to SAR 3.2 million in 2024.

Its net profit from investment results declined by SAR 1.3 million to SAR 26.2 million for the full year.

The fourth-quarter net income plunged 67% to SAR 2.8 million, from SAR 8.3 million in Q4 2023.

On a quarterly basis, net income fell by 53.2% from SAR 5.8 in Q3 2024.

Total shareholders’ equity, no minority interest, rose to SAR 253.60 million as of Dec. 31, 2024, compared to SAR 205.81 million a year earlier.

Accumulated losses came in at SAR 5.60 million by the end of the 12-month period, representing 1.9% of capital.

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