Saudi Arabian Cooperative Insurance Co. (SAICO) reported a profit of SAR 25.1 million in H1 2024, a 33% decline from SAR 37.3 million in the year-earlier period.
Item | 6m 2023 | 6m 2024 | Change |
---|---|---|---|
Gross Written Premium (GWP) | 693.35 | 740.30 | 6.8 % |
Insurance Revenues | 519.00 | 536.14 | 3.3 % |
Net Profit Before Zakat & Tax | 41.00 | 29.14 | (28.9 %) |
Net Income | 37.30 | 25.05 | (32.8 %) |
Average Shares | 30.00 | 30.00 | - |
EPS (Riyals) | 1.24 | 0.84 | (32.8 %) |
The net results of insurance services dropped 32.6% year-on-year (YoY) during the current period to SAR 29 million.
Net insurance financing expenses reached SAR 8 million in H1 2024, compared to SAR 2.1 million a year ago.
Meanwhile, net investment income rose 42.6% to SAR 14.5 in the first six months of 2024, compared to SAR 14.5 million in the same period last year.
Other operating expenses plunged 30% YoY.
Total comprehensive income reached SAR 25 million in H1 2024, down from SAR 37.3 million a year earlier.
Insurance revenues improved 3.3% to SAR 536.1 million in the first six months, compared to SAR 519 million in the previous year.
Item | Q2 2023 | Q2 2024 | Change |
---|---|---|---|
Gross Written Premium (GWP) | 228.64 | 233.20 | 2.0 % |
Insurance Revenues | 263.10 | 259.11 | (1.5 %) |
Net Profit Before Zakat & Tax | 30.92 | 23.89 | (22.7 %) |
Net Income | 29.07 | 21.84 | (24.9 %) |
Average Shares | 30.00 | 30.00 | - |
EPS (Riyals) | 0.97 | 0.73 | (24.9 %) |
Item | Q1 2024 | Q2 2024 | Change |
---|---|---|---|
Gross Written Premium (GWP) | 507.10 | 233.20 | (54.0 %) |
Insurance Revenues | 277.03 | 259.11 | (6.5 %) |
Net Profit Before Zakat & Tax | 5.25 | 23.89 | 354.8 % |
Net Income | 3.21 | 21.84 | 580.9 % |
Average Shares | 30.00 | 30.00 | - |
EPS (Riyals) | 0.11 | 0.73 | 580.9 % |
In the second quarter, the insurer reported a net profit of SAR 21.8 million, down 25 percent from SAR 29 million in Q2 2023.
Sequentially, SAICO’s profit jumped from SAR 3.2 million in Q1 2024.
Item | 6m 2023 | 6m 2024 | Change |
---|---|---|---|
Gross Written Premium (GWP) | 693.35 | 740.30 | 6.8 % |
Insurance Revenues | 519.00 | 536.14 | 3.3 % |
Insurance Services Income | 28.63 | 27.84 | (2.8 %) |
Investment Income | 10.17 | 14.51 | 42.7 % |
Net Profit of Insurance Services and Investment | 36.60 | 34.28 | (6.3 %) |
Total shareholders’ equity, no minority interest, increased to SAR 338.6 million by the end of June 2024 from SAR 271.7 million a year earlier.
Accumulated losses stood at SAR 51.19 million, representing 17.07% of the company’s capital, as of June 30, 2024.
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