Tawuniya H1 2024 profit up at SAR 656.5M; Q2 at SAR 459.8M

04/08/2024 Argaam Exclusive

The Company for Cooperative Insurance (Tawuniya) reported a net profit of SAR 656.5 million in H1 2024, compared to SAR 320.3 million in the year-earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 9,992.94 10,292.09 3.0 %
Insurance Revenues 7,104.68 8,798.19 23.8 %
Net Profit Before Zakat & Tax 377.21 721.78 91.3 %
Net Income 320.32 656.51 105.0 %
Average Shares 150.00 150.00 -
EPS (Riyals) 2.14 4.38 105.0 %

The company reported a 23.84% rise in revenues from insurance to SAR 8.7 billion in H1 2024, because of growth in the company's core operating segments.

 

Insurance services saw a sharp rise, reaching SAR 1.3 billion in H1 2024, because of lower claims and better management.

 

Tawuniya saw a 20.51% increase in net profits from insurance results for the current period to SAR 123.9 million.

 

The company's investment portfolio grew in H1 2024, which led to an increase of 88.09% in net investment income to SAR 325.6 million.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Gross Written Premium (GWP) 4,629.22 5,732.09 23.8 %
Insurance Revenues 3,697.38 4,412.23 19.3 %
Net Profit Before Zakat & Tax 275.86 491.70 78.2 %
Net Income 245.85 459.81 87.0 %
Average Shares 150.00 150.00 -
EPS (Riyals) 1.64 3.07 87.0 %

The net profit in Q2 2024 jumped 87% YoY to SAR 459.8 million, on higher insurance revenue and improved insurance services results.

 

Sequentially, net earnings leapt 133.8% from SAR 196.7 million in Q1 2024.

Insurance Operations

Item 6m 2023 6m 2024 Change‬
Gross Written Premium (GWP) 9,992.94 10,292.09 3.0 %
Insurance Revenues 7,104.68 8,798.19 23.8 %
Insurance Services Income 604.36 728.34 20.5 %
Investment Income (83.12) 179.35 315.8 %
Net Profit of Insurance Services and Investment 469.64 858.13 82.7 %

Total shareholders’ equity at the end of H1 2024 amounted to SAR 4.1 billion, compared to SAR 3.3 billion the previous year.

 

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Share Price

The Company for Cooperative Insurance
138.00
(2.60) (1.85 %)

The Company for Cooperative Insurance (TAWUNIYA)

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Financial Ratios
Current
Market Cap (M) 20,700.00
Shares Outstanding (M) 150.00
EPS ( Riyal) (TTM) 6.29
Book Value (BV) ( Riyal) 28.66
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 21.93
P/E (TTM) 21.93
Price/Book 4.81
Return on Average Assets (%) (TTM) 4.8
Return on Average Equity (%) (TTM) 24.0
Return on Market Cap (%) 4.3
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