Walaa Q1 2024 earnings leap 64% to SAR 39.9M

12/05/2024 Argaam Exclusive

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Walaa Cooperative Insurance Co. posted a net profit of SAR 39.9 million in Q1 2024, soaring 64% compared with SAR 24.3 million a year earlier.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Gross Written Premium (GWP)	466.68	648.02	38.9 %
Insurance Revenues	659.64	767.07	16.3 %
Net Profit Before Zakat & Tax	26.81	22.30	(16.8 %)
Net Income	24.31	39.86	64.0 %
Average Shares	85.06	103.63	21.8 %
EPS (Riyals)	0.29	0.38	34.6 %

Item	Q4 2023	Q1 2024	Change‬
Gross Written Premium (GWP)	880.21	648.02	(26.4 %)
Insurance Revenues	781.15	767.07	(1.8 %)
Net Profit Before Zakat & Tax	50.25	22.30	(55.6 %)
Net Income	45.25	39.86	(11.9 %)
Average Shares	85.06	103.63	21.8 %
EPS (Riyals)	0.53	0.38	(27.7 %)

Insurance revenues amounted to SAR 767.07 million, up 16.29% year-on-year (YoY) from SAR 659.63 million, mainly driven by business growth in motor, property, and engineering insurance segments.

Net investment results amounted to SAR 44.36 million, leaping 48.8% from SAR 29.81 million a year earlier.

Other income reached SAR 21.01 million, soaring from SAR 1.13 million in Q1 2023.

Meanwhile, other operating expenses fell 25% YoY to SAR 6 million.

Insurance Operations

Item	3m 2023	3m 2024	Change‬
Gross Written Premium (GWP)	466.68	648.02	38.9 %
Insurance Revenues	659.64	767.07	16.3 %
Insurance Services Income	4.34	(14.35)	(430.6 %)
Investment Income	29.81	44.36	48.8 %
Net Profit of Insurance Services and Investment	33.69	27.61	(18.0 %)

In Q1 2024, the insurance services provider's profit fell 11.9% from SAR 45.25 million in Q4 2023, owing primarily to a 1.8% fall in revenues to SAR 767.07 million.

Shareholders’ equity, no minority interest, amounted to SAR 1.31 billion as of March 31, 2024, compared to SAR 1.14 billion in the same period a year ago.

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