Arabian Shield 9M 2024 profit grows to SAR 76.9M; Q3 at SAR 23M

05/11/2024 Argaam Exclusive

Arabian Shield Cooperative Insurance Co. recorded net income of SAR 76.9 million in 9M 2024, soaring 100.9% from SAR 38.3 million in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Gross Written Premium (GWP) 920.56 1,331.10 44.6 %
Insurance Revenues 825.88 1,180.02 42.9 %
Net Profit Before Zakat & Tax 44.30 94.59 113.5 %
Net Income 38.30 76.94 100.9 %
Average Shares 67.84 79.82 17.6 %
EPS (Riyals) 0.56 0.96 70.7 %

The profit growth was driven by insurance revenue that increased by 43% year-on-year (YoY) to SAR 1.1 billion and net investment income that rose by 42% (SAR 20.5 million) YoY.

 

In addition, gross written premiums (GWP) increased by 45% (SAR 410,533) YoY.

 

However, insurance service expenses for the period went up 37%, or SAR 272.87 million, and net expenses from reinsurance contracts soared by 80%, or SAR 53.21 million.

 

Also, other operating expenses (OpEx) rose by 26%, or SAR 3.3 million, compared with a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Gross Written Premium (GWP) 248.16 409.11 64.9 %
Insurance Revenues 290.66 403.63 38.9 %
Net Profit Before Zakat & Tax 9.16 29.31 220.1 %
Net Income 6.23 23.01 269.3 %
Average Shares 67.84 79.82 17.6 %
EPS (Riyals) 0.09 0.29 213.9 %

In Q3 2024, the company’s net profit surged 269.3% to SAR 23 million, from SAR 6.23 million in Q3 2023, supported by higher insurance revenues.

 

Compared to Q2 2024, net income dropped by 21.9% from SAR 29.4 million.

Insurance Operations

Item 9m 2023 9m 2024 Change‬
Gross Written Premium (GWP) 920.56 1,331.10 44.6 %
Insurance Revenues 825.88 1,180.02 42.9 %
Insurance Services Income 17.71 45.76 158.4 %
Investment Income 49.58 70.17 41.5 %
Net Profit of Insurance Services and Investment 66.53 110.71 66.4 %

Shareholders’ equity, no minority interest, reached SAR 1.61 billion by Sept. 30, 2024, compared to SAR 1.22 billion in the prior-year period.

 

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Share Price

Arabian Shield Cooperative Insurance Co.
18.56
(0.14) (0.75 %)

Arabian Shield Cooperative Insurance Co. (ARABIAN SHIELD)

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Financial Ratios
Current
Market Cap (M) 1,481.37
Shares Outstanding (M) 79.82
EPS ( Riyal) (TTM) 1.16
Book Value (BV) ( Riyal) 20.22
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 16.06
P/E (TTM) 16.06
Price/Book 0.92
Return on Average Assets (%) (TTM) 3.1
Return on Average Equity (%) (TTM) 6.5
Return on Market Cap (%) 5.8
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