Wataniya Insurance turns to SAR 84.6M profit in 2023; Q4 at SAR 31.5M

14/03/2024 Argaam Exclusive

Wataniya Insurance Co. swung to a net profit of SAR 84.6 million for 2023, from a net loss of SAR 27.7 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Gross Written Premium (GWP) 1,042.42 1,627.88 56.2 %
Insurance Revenues 835.08 1,378.64 65.1 %
Net Profit Before Zakat & Tax (21.17) 96.49 555.8 %
Net Income (27.66) 84.58 405.8 %
Average Shares 40.00 40.00 -
EPS (Riyals) (0.69) 2.11 405.8 %

The profit was driven by an increase in insurance revenue to SAR 543.55 million, or 65.08% compared to 2022. In addition, the company’s insurance services results increased 162.14% year-on-year (YoY) to SAR 164.66 million. Investment revenue rose 426.36% YoY to SAR 36.47 million.

 

In Q4 2023, the insurer turned a profit of SAR 31.5 million versus a loss of SAR 12.25 million in the year-earlier period.

 

The fourth-quarter net profit declined from SAR 33.99 million in Q3 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Gross Written Premium (GWP) 261.84 353.25 34.9 %
Insurance Revenues 214.98 439.95 104.6 %
Net Profit Before Zakat & Tax (9.38) 35.01 473.2 %
Net Income (12.25) 31.50 357.2 %
Average Shares 40.00 40.00 -
EPS (Riyals) (0.31) 0.79 357.2 %

Insurance Operations

Item 2022 2023 Change‬
Gross Written Premium (GWP) 1,042.42 1,627.88 56.2 %
Insurance Revenues 835.08 1,378.64 65.1 %
Insurance Services Income (13.47) 64.63 579.8 %
Investment Income 8.55 45.03 426.7 %
Net Profit of Insurance Services and Investment (0.75) 104.45 14026.7 %

Total shareholder equity (no minority interest) at the end of 2023 amounted to SAR 488.27 million compared to SAR 400 million at the end of 2022.

 

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Share Price

Wataniya Insurance Co.
23.12
0.14 0.61 %

Wataniya Insurance Co. (WATANIYA)

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Financial Ratios
Current
Market Cap (M) 924.80
Shares Outstanding (M) 40.00
EPS ( Riyal) (TTM) 2.55
Book Value (BV) ( Riyal) 13.98
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 9.06
P/E (TTM) 9.06
Price/Book 1.65
Return on Average Assets (%) (TTM) 5.3
Return on Average Equity (%) (TTM) 20.2
Return on Market Cap (%) 8.8
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