Al-Etihad Insurance H1 2024 profit falls 16% to SAR 52.1M; Q2 at SAR 49.4M

05/08/2024 Argaam Exclusive

Al-Etihad Cooperative Insurance Co. reported a net profit of SAR 52.1 million in H1 2024, down 16% from SAR 61.8 million in the year-earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 550.84 525.45 (4.6 %)
Insurance Revenues 535.83 737.78 37.7 %
Net Profit Before Zakat & Tax 69.76 56.05 (19.6 %)
Net Income 61.76 52.05 (15.7 %)
Average Shares 50.00 50.00 -
EPS (Riyals) 1.24 1.04 (15.7 %)

The profit decline was due to a decrease in net insurance service earnings by SAR 41.5 million year-on-year (YoY). However, this was offset by a drop in net insurance finance expenses by SAR 7.7 million.

 

Net investment return increased by SAR 10 million YoY, while non-attributable general and administrative expenses as well as Zakat charges fell by SAR 14 million.

 

Insurance revenues grew by 38% YoY on a 74% YoY rise in gross earned premiums of the motor insurance segment.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Gross Written Premium (GWP) 312.80 223.76 (28.5 %)
Insurance Revenues 275.45 366.43 33.0 %
Net Profit Before Zakat & Tax 53.57 51.39 (4.1 %)
Net Income 49.57 49.39 (0.4 %)
Average Shares 50.00 50.00 -
EPS (Riyals) 0.99 0.99 (0.4 %)

The second-quarter net earnings reached SAR 49.4 million, marginally lower from SAR 49.5 million in Q2 2023.

 

The insurer's Q2 2024 earnings soared from SAR 2.66 million in Q1 2024.

Insurance Operations

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 550.84 525.45 (4.6 %)
Insurance Revenues 535.83 737.78 37.7 %
Insurance Services Income 67.92 26.45 (61.1 %)
Investment Income 30.76 40.78 32.6 %
Net Profit of Insurance Services and Investment 86.49 62.73 (27.5 %)

Shareholders’ equity, no minority interest, rose to SAR 696.66 million at the end of H1 2024, from SAR 636.14 million a year earlier.

 

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Share Price

Al-Etihad Cooperative Insurance Co.
18.44
(1.90) (9.34 %)

Al-Etihad Cooperative Insurance Co. (ALETIHAD)

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Financial Ratios
Current
Market Cap (M) 922.00
Shares Outstanding (M) 50.00
EPS ( Riyal) (TTM) 1.60
Book Value (BV) ( Riyal) 14.01
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 11.54
P/E (TTM) 11.54
Price/Book 1.32
Return on Average Assets (%) (TTM) 4.8
Return on Average Equity (%) (TTM) 11.9
Return on Market Cap (%) 8.7
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