Buruj profit drops 53.27% to SAR 9.38M in 2024

19/03/2025 Argaam Exclusive

Buruj Cooperative Insurance Co. posted a 53% profit decline to SAR 9.4 million in 2024, compared to SAR 20.1 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Insurance Revenues 373.44 372.73 (0.2 %)
Net Income 20.08 9.39 (53.3 %)
Average Shares 30.00 30.00 -
Earnings Per Share before unusual items (Riyals) 0.67 0.31 (53.3 %)
EPS (Riyals) 0.67 0.31 (53.3 %)

The profit decline was attributed to a drop in revenue in the vehicle and medical insurance segments by SAR 15.4 million and SAR 2.1 million, respectively, despite a rise in property and accident insurance revenues by SAR 16.8 million. This led to a near alignment in total insurance revenues in 2024 compared to the previous year.

 

Additionally, the company saw a decline in its share of revenues from Hajj and Umrah, as well as other revenues, by SAR 10.25 million and SAR 1.24 million, respectively.

 

Moreover, Zakat provisions increased by SAR 4.3 million. However, this was offset by a 16.45% year-on-year (YoY) rise in net insurance and investment results, amounting to SAR 5.26 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Insurance Revenues 106.24 90.02 (15.3 %)
Net Income 5.92 1.61 (72.8 %)
Average Shares 30.00 30.00 -
Earnings Per Share before unusual items 0.20 0.05 (72.8 %)
EPS (Riyals) 0.20 0.05 (72.8 %)

In Q4 2024, the company’s net profit dropped 72.8% to SAR 1.61 million, from SAR 5.92 million in Q4 2023.

 

On a sequential basis, net earnings surged 162.1% from SAR 0.61 million in Q3 2024.

Insurance Operations

Item 2023 2024 Change‬
Insurance Revenues 373.44 372.73 (0.2 %)
Insurance Services Income 4.99 14.05 181.6 %
Investment Income 28.63 24.77 (13.5 %)
Net Profit of Insurance Services and Investment 31.99 37.25 16.4 %

Shareholders’ equity, no minority interest, reached SAR 468.43 million by Dec. 31, 2024, compared to SAR 441.37 million in the prior-year period.

 

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Share Price

Buruj Cooperative Insurance Co.
18.16
(0.38) (2.05 %)

Buruj Cooperative Insurance Co. (BURUJ)

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Financial Ratios
Current
Market Cap (M) 544.20
Shares Outstanding (M) 30.00
EPS ( Riyal) (TTM) 0.31
Book Value (BV) ( Riyal) 15.61
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 57.98
P/E (TTM) 57.98
Price/Book 1.16
Return on Average Assets (%) (TTM) 1.2
Return on Average Equity (%) (TTM) 2.1
Return on Market Cap (%) 1.6
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