Financial Results : SAICO 9M 2024 net profit dips 38% to SAR 37.2M; Q3 at SAR 12.1M

SAICO 9M 2024 net profit dips 38% to SAR 37.2M; Q3 at SAR 12.1M

05/11/2024 Argaam Exclusive

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Saudi Arabian Cooperative Insurance Co. (SAICO) reported a net profit of SAR 37.2 million for the first nine months of 2024, a slump of 38% from SAR 59.5 million in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Insurance Revenues 773.10 804.70 4.1 %
Net Profit Before Zakat & Tax 65.06 43.29 (33.5 %)
Net Income 59.52 37.16 (37.6 %)
Average Shares 30.00 30.00 -
EPS (Riyals) 1.98 1.24 (37.6 %)


Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Insurance Revenues 254.10 268.56 5.7 %
Net Profit Before Zakat & Tax 24.07 14.15 (41.2 %)
Net Income 22.22 12.11 (45.5 %)
Average Shares 30.00 30.00 -
EPS (Riyals) 0.74 0.40 (45.5 %)

In Q3 2024, the company’s net profit declined 46% year-on-year (YoY) to SAR 12.1 million from SAR 22.2 million.

 

On a sequential basis, net earnings fell 44.6% from SAR 21.84 million in Q2 2024.

Insurance Operations

Item 9m 2023 9m 2024 Change‬
Insurance Revenues 773.10 804.70 4.1 %
Insurance Services Income 68.47 37.66 (45.0 %)
Investment Income 15.12 23.10 52.8 %
Net Profit of Insurance Services and Investment 80.73 54.58 (32.4 %)

Total shareholders’ equity (no minority equity) stood at SAR 350.75 million by Sept. 30, 2024, compared to SAR 294.01 million a year earlier.

 

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