Walaa earnings rise 2% to SAR 64.3M in H1 2024; Q2 at SAR 24.4M

05/08/2024 Argaam Exclusive

Walaa Cooperative Insurance Co. posted a net profit of SAR 64.3 million in H1 2024, rising 2% compared to SAR 63 million a year earlier.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 1,705.33 1,591.14 (6.7 %)
Insurance Revenues 1,364.82 1,563.25 14.5 %
Net Profit Before Zakat & Tax 67.95 49.24 (27.5 %)
Net Income 62.95 64.30 2.1 %
Average Shares 85.06 85.06 -
EPS (Riyals) 0.74 0.76 2.1 %


Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Gross Written Premium (GWP) 1,238.64 943.12 (23.9 %)
Insurance Revenues 705.19 796.18 12.9 %
Net Profit Before Zakat & Tax 41.15 26.94 (34.5 %)
Net Income 38.65 24.44 (36.8 %)
Average Shares 85.06 85.06 -
EPS (Riyals) 0.45 0.29 (36.8 %)

In the second quarter, Walaa’s net profit fell 37% to SAR 24.4 million from SAR 38.6 million in Q2 2023.

 

Sequentially, the insurer’s profit declined from SAR 39.8 million in Q1 2024.

Insurance Operations

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 1,705.33 1,591.14 (6.7 %)
Insurance Revenues 1,364.82 1,563.25 14.5 %
Insurance Services Income 8.23 (8.56) (204.0 %)
Investment Income 76.28 81.35 6.6 %
Net Profit of Insurance Services and Investment 79.85 66.93 (16.2 %)

Total shareholders’ equity, no minority interest, stood at SAR 1.3 billion as of June 30, 2024, compared to SAR 1.17 billion in the prior-year period.

 

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Share Price

Walaa Cooperative Insurance Co.
21.64
0.28 1.31 %

Walaa Cooperative Insurance Co. (WALAA)

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Financial Ratios
Current
Market Cap (M) 1,612.55
Shares Outstanding (M) 85.06
EPS ( Riyal) (TTM) 1.52
Book Value (BV) ( Riyal) 15.91
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 14.75
P/E (TTM) 12.44
Price/Book 1.19
Return on Average Assets (%) (TTM) 3.2
Return on Average Equity (%) (TTM) 10.1
Return on Market Cap (%) 7.0
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