AICC profit down 25% to SAR 21.1M in H1 2024; Q2 at SAR 13.2M

05/08/2024 Argaam Exclusive

=Arabia Insurance Cooperative Co. (AICC) reported a net profit of SAR 21.1 million for H1 2024, a drop of 25% year-on-year (YoY) from SAR 28 million.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 606.60 335.13 (44.8 %)
Insurance Revenues 406.97 367.83 (9.6 %)
Net Profit Before Zakat & Tax 36.75 27.59 (24.9 %)
Net Income 28.02 21.06 (24.8 %)
Average Shares 53.00 53.00 -
EPS (Riyals) 0.53 0.40 (24.8 %)

The profit decline is attributed to the decrease in insurance revenues in the motor insurance segment and the medical insurance segment, despite the increase in insurance revenues of the engineering insurance segment.

 

There was also a decline in insurance services result and other income by approximately SAR 21.3 million, despite the decrease in other operating expenses and the provision for Zakat and income tax by approximately SAR 8.1 million, in addition to the increase in investment income by approximately SAR 5.3 million.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Gross Written Premium (GWP) 296.85 102.17 (65.6 %)
Insurance Revenues 209.69 169.56 (19.1 %)
Net Profit Before Zakat & Tax 25.19 17.32 (31.2 %)
Net Income 20.70 13.22 (36.1 %)
Average Shares 53.00 53.00 -
EPS (Riyals) 0.39 0.25 (36.1 %)

Q2 2024 net profit stood at SAR 13.2 million, a slump of 36% YoY, on lower insurance revenue and lower other income.

 

On a quarterly basis, net profit grew 68.8%, from SAR 7.8 million.

Insurance Operations

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 606.60 335.13 (44.8 %)
Insurance Revenues 406.97 367.83 (9.6 %)
Insurance Services Income 30.88 20.00 (35.2 %)
Investment Income 13.52 18.90 39.8 %
Net Profit of Insurance Services and Investment 41.33 35.46 (14.2 %)

Total shareholders’ equity, no minority interest, stood at SAR 582.35 million by June 30, 2024, compared to SAR 522.79 million a year earlier.

 

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Share Price

Arabia Insurance Cooperative Co.
12.90
(0.10) (0.77 %)

Arabia Insurance Cooperative Co. (AICC)

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Financial Ratios
Current
Market Cap (M) 683.70
Shares Outstanding (M) 53.00
EPS ( Riyal) (TTM) 0.85
Book Value (BV) ( Riyal) 11.26
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 15.25
P/E (TTM) 15.25
Price/Book 1.15
Return on Average Assets (%) (TTM) 2.6
Return on Average Equity (%) (TTM) 7.8
Return on Market Cap (%) 6.1
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