Walaa Cooperative Insurance Co. posted a net profit of SAR 64.3 million in H1 2024, rising 2% compared to SAR 63 million a year earlier.
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 1,705.33 | 1,591.14 | (6.7 %) |
| Insurance Revenues | 1,364.82 | 1,563.25 | 14.5 % |
| Net Income | 62.95 | 64.30 | 2.1 % |
| Average Shares | 85.06 | 85.06 | - |
| EPS (Riyals) | 0.74 | 0.76 | 2.1 % |
| Item | Q2 2023 | Q2 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 1,238.64 | 943.12 | (23.9 %) |
| Insurance Revenues | 705.19 | 796.18 | 12.9 % |
| Net Income | 38.65 | 24.44 | (36.8 %) |
| Average Shares | 85.06 | 85.06 | - |
| EPS (Riyals) | 0.45 | 0.29 | (36.8 %) |
| Item | Q1 2024 | Q2 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 648.02 | 943.12 | 45.5 % |
| Insurance Revenues | 767.07 | 796.18 | 3.8 % |
| Net Income | 39.86 | 24.44 | (38.7 %) |
| Average Shares | 85.06 | 85.06 | - |
| EPS (Riyals) | 0.47 | 0.29 | (38.7 %) |
In the second quarter, Walaa’s net profit fell 37% to SAR 24.4 million from SAR 38.6 million in Q2 2023.
Sequentially, the insurer’s profit declined from SAR 39.8 million in Q1 2024.
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 1,705.33 | 1,591.14 | (6.7 %) |
| Insurance Revenues | 1,364.82 | 1,563.25 | 14.5 % |
| Insurance Services Income | 8.23 | (8.56) | (204.0 %) |
| Investment Income | 76.28 | 81.35 | 6.6 % |
| Net Profit of Insurance Services and Investment | 79.85 | 66.93 | (16.2 %) |
Total shareholders’ equity, no minority interest, stood at SAR 1.3 billion as of June 30, 2024, compared to SAR 1.17 billion in the prior-year period.
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