Walaa profit tumbles 57% to SAR 64.3M; Q4 loss at SAR 20.1M

Walaa Cooperative Insurance Co. reported a net profit of SAR 64.3 million for 2024, a 57% decline from SAR 148 million a year earlier.

Insurance services turned a loss of SAR 36.08 million, versus a profit of SAR 28.12 million in 2023, on lower operating income from medical, motor and protection & savings segments.

Net investment amounted to SAR 139.72 million, compared to SAR 164.98 million in the year before, mainly driven by the reduction in unrealized gains on investments measured at fair value due to equity market performance during the year.

The net insurance finance expenses stood at SAR 8.57 million, compared to SAR 4.35 million in the year before.

Meanwhile, insurance revenue increased 15.82% year-on-year (YoY) to SAR 3.34 million in 2024, on higher earnings in motor, property, and engineering segments.

In addition, other operating expenses decreased and other income rose.

The company incurred a net loss of SAR 20.1 million in Q4 2024, versus a net profit of SAR 45.2 million in Q4 2023.

On a sequential basis, the insurer swung to losses from SAR 20.10 million earnings in Q3 2024.

Total shareholders’ equity, no minority interest, stood at SAR 1.83 billion by Dec. 31, 2024, compared to SAR 1.27 billion a year earlier.

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