Financial Results : SAICO reports 61% net profit slump to SAR 3.2M in Q1 2024

SAICO reports 61% net profit slump to SAR 3.2M in Q1 2024

13/05/2024 Argaam Exclusive

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Saudi Arabian Cooperative Insurance Co. (SAICO) reported a net profit of SAR 3.2 million in Q1 2024, a decline of 61% from SAR 8.2 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Gross Written Premium (GWP) 464.70 507.10 9.1 %
Insurance Revenues 255.90 277.03 8.3 %
Net Profit Before Zakat & Tax 10.08 5.25 (47.9 %)
Net Income 8.23 3.21 (61.0 %)
Average Shares 30.00 30.00 -
EPS (Riyals) 0.27 0.11 (61.0 %)

Net insurance service amounted to SAR 5.58 million in Q1 2024, compared to SAR 498,000 in Q1 2023. Net investment results for the current quarter rose by 29.72% year-on-year to SAR 6.88 million from SAR 5.03 million.

 

This was partially offset by a 136.55% increase in net insurance finance expenses for Q1 2024 to SAR 3.4 million from SAR 143 million in the same period last year.

 

Other operating expenses increased by SAR 1.28 million or 36.90%. Additionally, total comprehensive income for the current quarter amounted to SAR 3.21 million, compared to SAR 8.23 million in the year-earlier period.

Insurance Operations

Item 3m 2023 3m 2024 Change‬
Gross Written Premium (GWP) 464.70 507.10 9.1 %
Insurance Revenues 255.90 277.03 8.3 %
Insurance Services Income 0.50 5.58 1016.0 %
Investment Income 5.31 6.89 29.8 %
Net Profit of Insurance Services and Investment 4.37 9.06 107.3 %

On a quarterly basis, net earnings declined by 72.3% from SAR 11.58 million in Q4 2023.

 

Shareholders’ equity, no minority interest, reached SAR 316.81 million by March 31, 2024, compared to SAR 242.72 million in the prior-year period.

 

Accumulated losses reached SAR 73.03 million by March 31, 2024, accounting for 24.3% of capital.

 

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