Mutakamela profit drops 59% to SAR 15.2M in 2024; Q4 at SAR 58,000

04/02/2025 Argaam Exclusive

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Mutakamela Insurance Co. posted a 59% profit drop to SAR 15.2 million in 2024, from SAR 37 million in the year-earlier period.

Financials (M)

Item	2023	2024	Change‬
Insurance Revenues	862.63	873.89	1.3 %
Net Income	36.99	15.17	(59.0 %)
Average Shares	60.00	60.00	-
Earnings Per Share before unusual items	0.62	0.25	(59.0 %)
EPS (Riyals)	0.62	0.25	(59.0 %)

The profit decline was due to a 72.9% reduction in the total insurance service result, driven by a 6.9% increase in insurance service expenses and a 49.7% rise in other operating expenses (OpEx).

However, the decline was partially offset by higher revenues, resulting from an increase in business acquisitions in the medical segment, as well as in property and casualty insurance segments.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Insurance Revenues	247.29	198.42	(19.8 %)
Net Income	13.39	0.06	(99.6 %)
Average Shares	60.00	60.00	-
Earnings Per Share before unusual items	0.22	0.00	(99.6 %)
EPS (Riyals)	0.22	0.00	(99.6 %)

Item	Q3 2024	Q4 2024	Change‬
Insurance Revenues	205.16	198.42	(3.3 %)
Net Income	4.52	0.06	(98.7 %)
Average Shares	60.00	60.00	-
Earnings Per Share before unusual items	0.08	0.00	(98.7 %)
EPS (Riyals)	0.08	0.00	(98.7 %)

Insurance Operations

Item	2023	2024	Change‬
Insurance Revenues	862.63	873.89	1.3 %
Insurance Services Income	30.20	8.17	(72.9 %)
Investment Income	96.90	85.35	(11.9 %)
Net Profit of Insurance Services and Investment	72.99	62.05	(15.0 %)

The fourth-quarter net earnings plummeted 99.6% to SAR 0.06 million, compared with SAR 13.4 million a year before.

The three-month net earnings also dropped 98.7% from SAR 4.52 million in Q3 2024.

Shareholders’ equity, with no minority interest, reached SAR 813 million by Dec.31, 2024, up from SAR 800.68 million in the prior-year period.

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