UCA turns to SAR 5.3M profit in H1 2024; Q2 at SAR 296,000

05/08/2024 Argaam Exclusive

United Cooperative Assurance Co. (UCA) reported profits of SAR 5.3 million at the end of the first half of 2024, compared to losses of SAR 11.5 million in the same period in 2023.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 596.10 626.20 5.1 %
Insurance Revenues 435.56 466.40 7.1 %
Net Profit Before Zakat & Tax (9.93) 6.31 163.5 %
Net Income (11.50) 5.31 146.1 %
Average Shares 40.00 40.00 -
EPS (Riyals) (0.29) 0.13 146.1 %

Insurance revenues rose by 7% to SAR 466.4 million due to business growth. Additionally, insurance service results increased by SAR 28.87 million, driven by a rise in insurance revenues by SAR 30.84 million. Furthermore, net investment results improved by 52% to SAR 7.22 million due to better investment returns.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Gross Written Premium (GWP) 187.02 234.41 25.3 %
Insurance Revenues 238.91 216.79 (9.3 %)
Net Profit Before Zakat & Tax (0.05) 0.80 1601.9 %
Net Income (1.54) 0.30 119.2 %
Average Shares 40.00 40.00 -
EPS (Riyals) (0.04) 0.01 119.2 %

In Q2 2024, UCA achieved profits of SAR 296,000 compared to losses SAR 1.54 million in the same quarter last year. This improvement was due to an increase in insurance service results by SAR 1.86 million and a 78% rise in net investment results. However, this was offset by a 9% decrease in insurance revenues due to a decline in earned revenues.

 

UCA’s Q2 earnings were 94.1% lower than a profit of SAR 5.01 million in Q1 2024.

Insurance Operations

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 596.10 626.20 5.0 %
Insurance Revenues 435.56 466.40 7.1 %
Insurance Services Income (7.44) 21.14 384.1 %
Investment Income 4.75 7.23 52.2 %
Net Profit of Insurance Services and Investment (5.21) 26.31 605.0 %

Shareholders' equity (no minority interests) reached SAR 270.46 million at the end of H1 2024, compared to SAR 244.647 million last year.

 

Accumulated losses at the end of the current period were SAR 175.25 million, representing 43.81% of the capital.

 

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Share Price

United Cooperative Assurance Co.
9.24
(0.12) (1.28 %)

United Cooperative Assurance Co. (UCA)

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Financial Ratios
Current
Market Cap (M) 369.60
Shares Outstanding (M) 40.00
EPS ( Riyal) (TTM) 0.49
Book Value (BV) ( Riyal) 6.75
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 18.70
P/E (TTM) 18.70
Price/Book 1.37
Return on Average Assets (%) (TTM) 2.7
Return on Average Equity (%) (TTM) 7.6
Return on Market Cap (%) 4.7
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