Financial Results : Walaa turns SAR 148M profit in 2023; Q4 at SAR 45.3M

Walaa turns SAR 148M profit in 2023; Q4 at SAR 45.3M

13/03/2024 Argaam Exclusive

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Walaa Cooperative Insurance Co. swung to SAR 148 million net profit in 2023, from a loss of SAR 68.1 million in 2022.



Financials (M)

Item 2022 2023 Change‬
Gross Written Premium (GWP) 2,641.93 3,346.16 26.7 %
Insurance Revenues 2,572.34 2,887.64 12.3 %
Net Profit Before Zakat & Tax (56.44) 162.98 388.8 %
Net Income (68.08) 147.98 317.4 %
Average Shares 85.06 85.06 -
EPS (Riyals) (0.80) 1.74 317.4 %

Insurance revenues rose 12.26% year-on-year (YoY) to SAR 2.88 billion in 2023, driven by business growth in medical, engineering, protection & savings, and other general insurance segments.

 

Insurance services results posted a profit of SAR 28.12 million, compared to a loss of SAR 119.99 million, backed by business growth and improvement in the loss ratios in certain lines.

 

Net investment results jumped 110.53% YoY due to an increase in unrealized gains on investments and commission income on deposits.

 

Meanwhile, other operating expenses grew 76.90% YoY.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Gross Written Premium (GWP) 644.51 880.21 36.6 %
Insurance Revenues 699.72 781.15 11.6 %
Net Profit Before Zakat & Tax (7.77) 50.25 746.7 %
Net Income (11.41) 45.25 496.6 %
Average Shares 85.06 85.06 0.0 %
EPS (Riyals) (0.13) 0.53 496.6 %

Insurance Operations

Item 2022 2023 Change‬
Gross Written Premium (GWP) 2,641.93 3,346.16 26.7 %
Insurance Revenues 2,572.34 2,887.64 12.3 %
Insurance Services Income (120.00) 28.12 123.4 %
Investment Income 78.37 164.98 110.5 %
Net Profit of Insurance Services and Investment (48.11) 188.75 492.3 %

In Q4 2023, the insurance services provider turned to a net profit of SAR 45.3 million, against a net loss of SAR 11.41 million in Q4 2022.

 

On a sequential basis, Walaa’s earnings rose 13.8% from SAR 39.78 million in Q3 2023.

 

Shareholders’ equity, no minority interest, amounted to SAR 1.27 billion as of Dec. 31, 2023, compared to SAR 1.11 billion in 2022.

 

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