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

05/11/2024 Argaam Exclusive

View other reports

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 %)

Item	Q2 2024	Q3 2024	Change‬
Insurance Revenues	259.11	268.56	3.6 %
Net Profit Before Zakat & Tax	23.89	14.15	(40.8 %)
Net Income	21.84	12.11	(44.6 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.73	0.40	(44.6 %)

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.

View More Financial Results

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

×