Walaa earnings rise 2% to SAR 64.3M in H1 2024; Q2 at SAR 24.4M

05/08/2024 Argaam Exclusive

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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.

Financials (M)

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 Profit Before Zakat & Tax	67.95	69.55	2.4 %
Net Income	62.95	64.30	2.1 %
Average Shares	85.06	85.06	-
EPS (Riyals)	0.74	0.76	2.1 %

Current Quarter Comparison (M)

Compared With The

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 Profit Before Zakat & Tax	41.15	26.94	(34.5 %)
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 Profit Before Zakat & Tax	42.61	26.94	(36.8 %)
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.

Insurance Operations

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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