Walaa profit falls 18% to SAR 84.4M in 9M 2024; Q3 at SAR 20.1M

Walaa Cooperative Insurance Co. posted a net profit of SAR 84.4 million in the first nine months of 2024, declining 18% from SAR 102.7 million a year earlier.

The decline in profits was due to a loss in insurance services results in the current period, amounting to SAR 13.56 million, compared to a profit of SAR 21.90 million a year ago.

The company also reported a decline in insurance services results due to weaker performance across medical, protection and savings, and engineering insurance segments compared to the same period last year.

Other operating expenses for the current period increased to SAR 27.486 million, up from SAR 14.932 million in the same period last year, representing an 84.1% rise.

Net finance costs from insurance rose to SAR 7.7 million in the current period, compared to SAR 4.14 million in the same period last year, marking an 85.9% increase.

In Q3 2024, the insurance services provider's profit fell 49.5% to SAR 20.10 million, from SAR 39.78 million in Q3 2023.

On a quarterly basis, the company’s profit declined 17.7%, from SAR 24.44 million in Q2 2024.

Shareholders’ equity, no minority interest, amounted to SAR 1.35 billion as of Sept. 30, 2024, compared to SAR 1.21 billion in the same period a year ago.

View More Financial Results