Buruj turns to SAR 20.1M profit in 2023; Q4 at SAR 5.9M

10/03/2024 Argaam Exclusive

Buruj Cooperative Insurance Co. swung to a net profit of SAR 20.1 million in 2023 against a net loss of SAR 29 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Gross Written Premium (GWP) 368.84 422.80 14.6 %
Insurance Revenues 417.10 373.44 (10.5 %)
Net Profit Before Zakat & Tax (23.88) 25.58 207.1 %
Net Income (29.00) 20.08 169.3 %
Average Shares 30.00 30.00 -
EPS (Riyals) (0.97) 0.67 169.3 %

The annual profit was fueled by a positive increase of 14.63% year-on-year (YoY) in gross written premiums (GWPs) to SAR 53.9 million. Buruj reported a surplus of SAR 4.98 million from the insurance services results, against a deficit of SAR 56.5 million in the previous year.

 

It also recorded a decrease of 23.86% YoY in insurance services expenses to SAR 105.6 million. Total incurred claims also declined by 23.12% YoY, while net investment income grew by 44.47% compared to 2022.

 

By contrast, revenues decreased in 2023 compared to the previous year, mainly due to a drop in the total earned premiums of 8.67% YoY.

 

The fourth-quarter net profit jumped 67% to SAR 5.9 million from SAR 3.5 million in Q4 2022.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Gross Written Premium (GWP) 71.41 80.33 12.5 %
Insurance Revenues 102.25 106.24 3.9 %
Net Profit Before Zakat & Tax 1.48 3.94 165.8 %
Net Income 3.55 5.92 66.7 %
Average Shares 30.00 30.00 -
EPS (Riyals) 0.12 0.20 66.7 %

Insurance Operations

Item 2022 2023 Change‬
Gross Written Premium (GWP) 368.84 422.80 14.6 %
Insurance Revenues 417.10 373.44 (10.5 %)
Insurance Services Income (56.53) 4.99 108.8 %
Investment Income 19.80 28.63 44.6 %
Net Profit of Insurance Services and Investment (32.20) 31.99 199.3 %

Sequentially, net earnings surged 294.4% from SAR 1.5 million in Q3 2023.

 

Shareholders’ equity, no minority interest, rose to SAR 441.37 million as of Dec. 31, 2023, from SAR 417.51 million in the year-earlier period. 

 

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Share Price

Buruj Cooperative Insurance Co.
18.56
(0.12) (0.64 %)

Buruj Cooperative Insurance Co. (BURUJ)

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Financial Ratios
Current
Market Cap (M) 556.80
Shares Outstanding (M) 30.00
EPS ( Riyal) (TTM) 0.46
Book Value (BV) ( Riyal) 15.09
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 40.64
P/E (TTM) 40.64
Price/Book 1.23
Return on Average Assets (%) (TTM) 1.7
Return on Average Equity (%) (TTM) 3.1
Return on Market Cap (%) 2.2
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