Al Sagr Insurance swings to SAR 42.3M profit in 2023; Q4 at SAR 7.3M

19/03/2024 Argaam Exclusive

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Share Price

Al Sagr Cooperative Insurance Co (ALSAGR INSURANCE)

Al Sagr Cooperative Insurance Co. reported a net profit of SAR 42.3 million for 2023, versus a net loss of SAR 53.5 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Gross Written Premium (GWP)	475.26	471.49	(0.8 %)
Insurance Revenues	473.35	486.23	2.7 %
Net Profit Before Zakat & Tax	(48.86)	49.50	201.3 %
Net Income	(53.46)	42.30	179.1 %
Average Shares	14.00	14.00	-
EPS (Riyals)	(3.82)	3.02	179.1 %

This was driven by a 3% year-on-year (YoY) rise in insurance revenues as gross earned premium of medical and general accident line of business grew.

Insurance service results for 2023 showed a surplus of SAR 34.93 million as compared to a deficit of SAR 20.91 million for the previous year. Net investment income jumped 4,229% YoY, while general and administrative expenses declined 7% YoY.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Gross Written Premium (GWP)	117.52	106.19	(9.6 %)
Insurance Revenues	121.80	121.35	(0.4 %)
Net Profit Before Zakat & Tax	6.41	10.31	61.0 %
Net Income	5.41	7.31	35.3 %
Average Shares	14.00	14.00	-
EPS (Riyals)	0.39	0.52	35.3 %

Item	Q3 2023	Q4 2023	Change‬
Gross Written Premium (GWP)	125.49	106.19	(15.4 %)
Insurance Revenues	128.90	121.35	(5.9 %)
Net Profit Before Zakat & Tax	19.00	10.31	(45.7 %)
Net Income	18.00	7.31	(59.4 %)
Average Shares	14.00	14.00	-
EPS (Riyals)	1.29	0.52	(59.4 %)

Insurance Operations

Item	2022	2023	Change‬
Gross Written Premium (GWP)	475.26	471.49	(0.8 %)
Insurance Revenues	473.35	486.23	2.7 %
Insurance Services Income	(20.91)	34.93	267.0 %
Investment Income	0.78	33.90	4246.2 %
Net Profit of Insurance Services and Investment	(19.54)	69.84	457.4 %

Q4 2023 net profit rose 35% YoY to SAR 7.3 million.

On a quarterly basis, net profit slumped 59.4% from SAR 18 million.

Total shareholders’ equity, no minority interest, stood at SAR 198.19 million by Dec. 31, 2023, compared to SAR 153.45 million a year earlier.

View More Financial Results

Financial results (Million)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
Q1 2014	5.63	(46.6 %)	0.40	7.72	(44.1 %)
Q2 2014	(0.48)	(103.0 %)	(0.03)	1.58	(90.7 %)
Q3 2014	0.76	(94.5 %)	0.05	2.83	(81.1 %)
Q4 2014	6.81	(35.9 %)	0.49	14.44	20.9 %
2014	12.73	(74.9 %)	0.91	26.57	(53.9 %)
Q1 2015	(3.10)	(155.1 %)	(0.22)	0.83	(89.2 %)
Q2 2015	8.58	1901.9 %	0.61	12.82	713.2 %
Q3 2015	26.12	3341.1 %	1.87	30.49	975.7 %
Q4 2015	54.54	700.7 %	3.90	58.44	304.7 %
2015	86.14	576.9 %	6.15	102.58	286.1 %
Q1 2016	68.35	2303.4 %	4.88	72.55	8620.0 %
Q2 2016	55.10	542.3 %	3.94	58.01	352.4 %
Q3 2016	21.83	(16.4 %)	1.56	26.66	(12.6 %)
Q4 2016	6.36	(88.3 %)	0.45	9.59	(83.6 %)
2016	151.44	75.8 %	10.82	166.81	62.6 %
Q1 2017	1.28	(98.1 %)	0.09	5.09	(93.0 %)
Q2 2017	2.29	(95.8 %)	0.16	6.92	(88.1 %)
Q3 2017	5.12	(76.5 %)	0.37	7.53	(71.7 %)
Q4 2017	0.43	(93.2 %)	0.03	2.66	(72.3 %)
2017	7.76	(94.9 %)	0.55	20.85	(87.5 %)
Q1 2018	5.86	359.2 %	0.42	9.27	82.3 %
Q2 2018	(2.20)	(196.2 %)	(0.16)	1.30	(81.3 %)
Q3 2018	4.13	(19.4 %)	0.29	7.83	3.9 %
Q4 2018	(17.72)	(4221.4 %)	(1.27)	(17.72)	(766.7 %)
2018	(9.79)	(226.1 %)	(0.70)	0.82	(96.1 %)
Q1 2019	(2.52)	(143.0 %)	(0.18)	(0.32)	(103.4 %)
Q2 2019	(8.79)	(299.2 %)	(0.63)	(6.39)	(593.0 %)
Q3 2019	(28.04)	(779.9 %)	(2.00)	(25.94)	(431.6 %)
Q4 2019	(8.90)	49.8 %	(0.64)	(7.20)	59.3 %
2019	(48.26)	(392.8 %)	(3.45)	(39.86)	(4975.4 %)
Q1 2020	(60.42)	(2,298.5 %)	(4.32)	(58.42)	(18,203.2 %)
Q2 2020	10.27	216.8 %	0.73	12.27	291.9 %
Q3 2020	(30.74)	(9.6 %)	(2.20)	(29.54)	(13.8 %)
Q4 2020	(31.59)	(254.8 %)	(2.26)	(30.29)	(320.5 %)
2020	(112.48)	(133.1 %)	(8.03)	(105.98)	(165.9 %)
Q1 2021	(41.38)	31.5 %	(2.96)	(39.88)	31.7 %
Q2 2021	(10.52)	(202.4 %)	(0.75)	(9.52)	(177.6 %)
Q3 2021	(17.19)	44.1 %	(1.23)	(18.92)	35.9 %
Q4 2021	(5.38)	83.0 %	(0.38)	(4.38)	85.5 %
2021	(74.47)	33.8 %	(5.32)	(72.70)	31.4 %
Q1 2022	(27.89)	32.6 %	(1.99)	(26.69)	33.1 %
Q2 2022	(35.43)	(236.9 %)	(2.53)	(34.23)	(259.7 %)
Q3 2022	4.46	125.9 %	0.32	5.66	129.9 %
Q4 2022	5.41	200.4 %	0.39	6.41	246.2 %
2022	(53.46)	28.2 %	(3.82)	(48.86)	32.8 %
Q1 2023	10.02	135.9 %	0.72	11.22	142.1 %
Q2 2023	6.97	119.7 %	0.50	8.97	126.2 %
Q3 2023	18.00	303.8 %	1.29	19.00	235.8 %
Q4 2023	7.31	35.3 %	0.52	10.31	61.0 %
2023	42.30	179.1 %	3.02	49.50	201.3 %

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2014	12.73	(74.9 %)	0.91	26.57	(53.9 %)
2015	86.14	576.9 %	6.15	102.58	286.1 %
2016	151.44	75.8 %	10.82	166.81	62.6 %
2017	7.76	(94.9 %)	0.55	20.85	(87.5 %)
2018	(9.79)	(226.1 %)	(0.70)	0.82	(96.1 %)
2019	(48.26)	(392.8 %)	(3.45)	(39.86)	(4975.4 %)
2020	(112.48)	(133.1 %)	(8.03)	(105.98)	(165.9 %)
2021	(74.47)	33.8 %	(5.32)	(72.70)	31.4 %
2022	(53.46)	28.2 %	(3.82)	(48.86)	32.8 %
2023	42.30	179.1 %	3.02	49.50	201.3 %

Insurance Operations Performance (M)

Compared With The

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
Q1 2014	51.63	(46.5 %)	-	-	-	-
Q2 2014	75.72	13.5 %	-	-	-	-
Q3 2014	59.35	(9.3 %)	-	-	-	-
Q4 2014	53.24	54.6 %	-	-	-	-
2014	239.93	(8.8 %)	-	-	-	-
Q1 2015	126.68	145.4 %	-	-	-	-
Q2 2015	265.90	251.2 %	-	-	-	-
Q3 2015	207.02	248.8 %	-	-	-	-
Q4 2015	264.24	396.4 %	-	-	-	-
2015	863.84	260.0 %	-	-	-	-
Q1 2016	69.49	(45.1 %)	-	-	-	-
Q2 2016	49.64	(81.3 %)	-	-	-	-
Q3 2016	12.70	(93.9 %)	-	-	-	-
Q4 2016	44.18	(83.3 %)	-	-	-	-
2016	176.01	(79.6 %)	-	-	-	-
Q1 2017	92.83	33.6 %	-	-	-	-
Q2 2017	93.18	87.7 %	-	-	-	-
Q3 2017	60.98	380.0 %	-	-	-	-
Q4 2017	82.32	86.3 %	-	-	-	-
2017	329.31	87.1 %	-	-	-	-
Q1 2018	64.14	(30.9 %)	-	-	-	-
Q2 2018	77.64	(16.7 %)	-	-	-	-
Q3 2018	93.80	53.8 %	-	-	-	-
Q4 2018	114.79	39.5 %	-	-	-	-
2018	350.38	6.4 %	-	-	-	-
Q1 2019	105.28	64.1 %	-	-	-	-
Q2 2019	94.00	21.1 %	-	-	-	-
Q3 2019	118.08	25.9 %	-	-	-	-
Q4 2019	138.34	20.5 %	-	-	-	-
2019	455.70	30.1 %	-	-	-	-
Q1 2020	97.51	(7.4 %)	-	-	-	-
Q2 2020	96.99	3.2 %	-	-	-	-
Q3 2020	107.79	(8.7 %)	-	-	-	-
Q4 2020	76.82	(44.5 %)	-	-	-	-
2020	379.11	(16.8 %)	-	-	-	-
Q1 2021	68.76	(29.5 %)	-	-	-	-
Q2 2021	84.48	(12.9 %)	-	-	-	-
Q3 2021	161.84	50.1 %	-	-	-	-
Q4 2021	123.21	60.4 %	-	-	-	-
2021	438.30	15.6 %	-	-	-	-
Q1 2022	113.05	64.4 %	(26.48)	-	(21.33)	-
Q2 2022	112.16	32.8 %	(21.95)	-	(25.77)	-
Q3 2022	132.53	(18.1 %)	6.97	-	10.65	-
Q4 2022	117.52	(4.6 %)	20.55	-	16.90	-
2022	475.26	8.4 %	(20.91)	-	(19.54)	-
Q1 2023	114.02	0.9 %	9.45	135.7 %	18.32	185.9 %
Q2 2023	125.79	12.2 %	5.65	125.7 %	14.50	156.3 %
Q3 2023	125.49	(5.3 %)	19.22	175.9 %	25.58	140.1 %
Q4 2023	106.19	(9.6 %)	0.61	(97.0 %)	11.43	(32.4 %)
2023	471.49	(0.8 %)	34.93	267.0 %	69.84	457.3 %

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
2014	239.93	(8.8 %)	-	-	-	-
2015	863.84	260.0 %	-	-	-	-
2016	176.01	(79.6 %)	-	-	-	-
2017	329.31	87.1 %	-	-	-	-
2018	350.38	6.4 %	-	-	-	-
2019	455.70	30.1 %	-	-	-	-
2020	379.11	(16.8 %)	-	-	-	-
2021	438.30	15.6 %	-	-	-	-
2022	475.26	8.4 %	(20.91)	-	(19.54)	-
2023	471.49	(0.8 %)	34.93	267.0 %	69.84	457.3 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	14.00	3.26	3.26	24.23
Q2 2014	14.00	2.11	2.11	23.35
Q3 2014	14.00	1.18	1.18	23.36
Q4 2014	14.00	0.91	0.91	23.83
Q1 2015	14.00	0.29	0.29	23.58
Q2 2015	14.00	0.93	0.93	23.37
Q3 2015	14.00	2.74	2.74	25.04
Q4 2015	14.00	6.15	6.15	28.97
Q1 2016	14.00	11.26	11.26	33.75
Q2 2016	14.00	14.58	14.58	37.65
Q3 2016	14.00	14.27	14.27	39.23
Q4 2016	14.00	10.83	10.83	36.35
Q1 2017	14.00	6.04	6.04	36.43
Q2 2017	14.00	2.27	2.27	33.13
Q3 2017	14.00	1.08	1.08	33.51
Q4 2017	14.00	0.65	0.65	33.39
Q1 2018	14.00	0.98	0.98	33.95
Q2 2018	14.00	0.66	0.66	32.53
Q3 2018	14.00	0.59	0.59	32.81
Q4 2018	14.00	(0.71)	(0.71)	31.56
Q1 2019	14.00	(1.31)	(1.31)	31.51
Q2 2019	14.00	(1.78)	(1.78)	30.91
Q3 2019	14.00	(4.08)	(4.08)	28.69
Q4 2019	14.00	(3.45)	(3.45)	28.15
Q1 2020	14.00	(7.58)	(7.58)	23.51
Q2 2020	14.00	(6.22)	(6.22)	24.49
Q3 2020	14.00	(6.41)	(6.41)	22.59
Q4 2020	14.00	(8.03)	(8.03)	20.29
Q1 2021	14.00	(6.67)	(6.67)	17.47
Q2 2021	14.00	(8.16)	(8.16)	17.00
Q3 2021	14.00	(7.19)	(7.19)	15.88
Q4 2021	14.00	(5.32)	(5.32)	14.94
Q1 2022	14.00	(4.36)	(4.36)	12.49
Q2 2022	14.00	(6.14)	(6.14)	9.96
Q3 2022	14.00	(4.59)	(4.59)	10.27
Q4 2022	14.00	(3.82)	(3.82)	10.96
Q1 2023	14.00	(1.11)	(1.11)	11.68
Q2 2023	14.00	1.92	1.92	12.17
Q3 2023	14.00	2.89	2.89	13.46
Q4 2023	14.00	3.02	3.02	14.16

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	14.00	0.91	0.91	23.83
2015	14.00	6.15	6.15	28.97
2016	14.00	10.82	10.82	36.35
2017	14.00	0.55	0.55	33.39
2018	14.00	(0.70)	(0.70)	31.56
2019	14.00	(3.45)	(3.45)	28.15
2020	14.00	(8.03)	(8.03)	20.29
2021	14.00	(5.32)	(5.32)	14.94
2022	14.00	(3.82)	(3.82)	10.96
2023	14.00	3.02	3.02	14.16

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E
Q1 2014	15.86	15.86
Q2 2014	34.55	34.55
Q3 2014	More than 50	More than 50
Q4 2014	More than 50	More than 50
Q1 2015	More than 50	More than 50
Q2 2015	More than 50	More than 50
Q3 2015	13.49	13.49
Q4 2015	9.04	9.04
Q1 2016	4.30	4.30
Q2 2016	4.25	4.25
Q3 2016	4.18	4.18
Q4 2016	6.53	6.53
Q1 2017	11.14	11.14
Q2 2017	22.05	22.05
Q3 2017	45.49	45.49
Q4 2017	More than 50	More than 50
Q1 2018	40.14	40.14
Q2 2018	More than 50	More than 50
Q3 2018	More than 50	More than 50
Q4 2018	NEG	NEG
Q1 2019	NEG	NEG
Q2 2019	NEG	NEG
Q3 2019	NEG	NEG
Q4 2019	NEG	NEG
Q1 2020	NEG	NEG
Q2 2020	NEG	NEG
Q3 2020	NEG	NEG
Q4 2020	NEG	NEG
Q1 2021	NEG	NEG
Q2 2021	NEG	NEG
Q3 2021	NEG	NEG
Q4 2021	NEG	NEG
Q1 2022	NEG	NEG
Q2 2022	NEG	NEG
Q3 2022	NEG	NEG
Q4 2022	NEG	NEG
Q1 2023	NEG	NEG
Q2 2023	9.44	9.44
Q3 2023	8.26	8.26
Q4 2023	8.36	8.36

Period	P/E	Adjusted P/E
2014	More than 50	More than 50
2015	9.04	9.04
2016	6.54	6.54
2017	More than 50	More than 50
2018	NEG	NEG
2019	NEG	NEG
2020	NEG	NEG
2021	NEG	NEG
2022	NEG	NEG
2023	8.36	8.36

Business Segments - Gross Premium Written (Million)

Compared With The

Period	Medical Insurance	Comprehensive Motor Insurance	Property	Other classes
Q1 2014	23.69	14.51	-	13.44
Q2 2014	32.06	14.94	-	28.71
Q3 2014	37.46	17.58	-	4.32
Q4 2014	33.03	12.77	-	7.44
Q1 2015	88.35	25.27	4.55	8.50
Q2 2015	224.18	13.14	10.31	18.27
Q3 2015	195.57	4.44	0.47	6.54
Q4 2015	241.61	14.80	0.41	7.41
Q1 2016	41.38	20.65	1.78	5.68
Q2 2016	8.90	14.44	9.12	17.18
Q3 2016	3.32	5.30	0.17	3.91
Q4 2016	30.15	8.21	0.29	5.52
Q1 2017	71.85	14.64	1.35	4.98
Q2 2017	64.31	6.08	8.35	14.44
Q3 2017	52.15	6.19	0.19	2.45
Q4 2017	69.17	8.90	0.20	4.04
Q1 2018	42.20	16.48	1.67	3.80
Q2 2018	51.83	9.77	6.70	9.34
Q3 2018	74.85	7.08	6.28	5.60
Q4 2018	104.92	5.89	0.69	3.28
Q1 2019	84.81	12.49	7.98	-
Q2 2019	74.60	11.67	7.73	-
Q3 2019	96.37	7.74	13.97	-
Q4 2019	111.73	19.46	7.16	-
Q1 2020	59.97	28.52	9.02	-
Q2 2020	27.75	61.64	7.60	-
Q3 2020	66.34	18.16	23.29	-
Q4 2020	55.45	15.67	5.70	-
Q1 2021	28.45	36.26	4.04	-
Q2 2021	19.35	58.68	6.46	-
Q3 2021	36.81	99.76	25.26	-
Q4 2021	67.28	39.14	16.79	-
Q1 2022	56.87	50.90	-	-
Q2 2022	52.76	49.25	10.15	-
Q3 2022	68.09	35.56	28.87	-
Q4 2022	54.47	55.42	7.63	-
Q1 2023	59.71	45.13	9.18	-
Q2 2023	40.71	67.56	17.52	-
Q3 2023	68.74	23.33	33.42	-
Q4 2023	48.59	48.49	9.11	-

Period	Medical Insurance	Comprehensive Motor Insurance	Property	Other classes
2014	126.23	59.79	-	53.91
2015	749.71	57.65	15.75	40.73
2016	83.76	48.61	11.35	32.29
2017	257.47	35.82	10.09	25.92
2018	273.81	39.22	15.33	22.02
2019	367.50	51.36	36.84	-
2020	209.51	123.99	45.61	-
2021	151.89	233.84	52.56	-
2022	232.19	191.14	51.93	-
2023	217.76	184.51	69.23	-

Financial Ratios

	Current
Market Cap (M)	431.20
EPS ( Riyal) (TTM)	2.84
Book Value (BV) ( Riyal)	14.69
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	10.86
P/E (TTM)	10.86
Price/Book	2.10
Return on Average Assets (%) (TTM)	7.0
Return on Average Equity (%) (TTM)	21.5
Shares Outstanding (M)	14.00
Return on Market Cap (%)	8.9

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Al Sagr Insurance swings to SAR 42.3M profit in 2023; Q4 at SAR 7.3M

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Share Price

Al Sagr Cooperative Insurance Co (ALSAGR INSURANCE)

Financials (M)

Current Quarter Comparison (M)

Insurance Operations

Financial results (Million)

Financial results (Million)

Insurance Operations Performance (M)

Insurance Operations Performance (M)

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments - Gross Premium Written (Million)

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

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Al Sagr Insurance swings to SAR 42.3M profit in 2023; Q4 at SAR 7.3M

View other reports

Share Price

Al Sagr Cooperative Insurance Co (ALSAGR INSURANCE)

Financials (M)

Current Quarter Comparison (M)

Insurance Operations

Financial results (Million)

Financial results (Million)

Insurance Operations Performance (M)

Insurance Operations Performance (M)

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments - Gross Premium Written (Million) Q4 2023

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

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Business Segments - Gross Premium Written (Million)