Al Sagr Insurance posts 40% drop in 9M 2024 profit to SAR 21.1M; Q3 at SAR 3.1M

05/11/2024 Argaam Exclusive

Al Sagr Cooperative Insurance Co. reported a net profit of SAR 21.1 million for 9M 2024, dropping 40% from SAR 35 million a year earlier.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Gross Written Premium (GWP) 365.30 422.34 15.6 %
Insurance Revenues 364.88 362.29 (0.7 %)
Net Profit Before Zakat & Tax 39.19 25.26 (35.5 %)
Net Income 34.99 21.06 (39.8 %)
Average Shares 21.24 30.00 41.3 %
EPS (Riyals) 1.65 0.70 (57.4 %)

Insurance revenue decreased by 1% year-on-year (YoY), mainly due to the decrease in earned premiums from the medical insurance business.

 

The insurer also cited a reduction in share of surplus from the insurance pool by SAR 9.9 million, an increase in net finance cost by SAR 2.2 million, and a fall in investment income by SAR 1.5 million.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Gross Written Premium (GWP) 125.49 166.80 32.9 %
Insurance Revenues 128.90 128.03 (0.7 %)
Net Profit Before Zakat & Tax 19.00 4.53 (76.2 %)
Net Income 18.00 3.13 (82.6 %)
Average Shares 21.24 30.00 41.3 %
EPS (Riyals) 0.85 0.10 (87.7 %)

In Q3 2024, net earnings plunged 83% to SAR 3.1 million, compared with SAR 18 million a year earlier, mainly due to a 1% fall YoY in insurance revenue.

Insurance Operations

Item 9m 2023 9m 2024 Change‬
Gross Written Premium (GWP) 365.30 422.34 15.6 %
Insurance Revenues 364.88 362.29 (0.7 %)
Insurance Services Income 34.32 17.54 (48.9 %)
Investment Income 22.46 20.89 (7.0 %)
Net Profit of Insurance Services and Investment 58.40 37.80 (35.3 %)

On a quarterly basis, Q3 net profit slumped 70.3% from SAR 10.51 million.

 

Total shareholders’ equity, no minority interest, stood at SAR 372.2 million by Sept. 30, 2024, compared to SAR 188.4 million a year earlier.

 

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Share Price

Al Sagr Cooperative Insurance Co.
17.02
0.52 3.15 %

Al Sagr Cooperative Insurance Co. (ALSAGR INSURANCE)

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Financial Ratios
Current
Market Cap (M) 510.60
Shares Outstanding (M) 30.00
EPS ( Riyal) (TTM) 0.95
Book Value (BV) ( Riyal) 12.41
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 18.00
P/E (TTM) 18.00
Price/Book 1.37
Return on Average Assets (%) (TTM) 4.4
Return on Average Equity (%) (TTM) 10.1
Return on Market Cap (%) 4.9
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