Financial Results : AICC profit down 50% to SAR 30.1M in 2024; Q4 loss at SAR 4M

AICC profit down 50% to SAR 30.1M in 2024; Q4 loss at SAR 4M

10/03/2025 Argaam Exclusive

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Arabia Insurance Cooperative Co.’s (AICC) net profit halved year-on-year (YoY) to SAR 30.1 million in 2024, from SAR 60.5 million.



Financials (M)

Item 2023 2024 Change‬
Insurance Revenues 838.95 694.69 (17.2 %)
Net Income 60.46 30.15 (50.1 %)
Average Shares 53.00 53.00 -
Earnings Per Share before unusual items (Riyals) 1.14 0.57 (50.1 %)
EPS (Riyals) 1.14 0.57 (50.1 %)

The company posted lower insurance revenues from motor and medical segments, despite the increase in insurance revenues from the engineering segment.

 

Net insurance results decreased by approximately SAR 39.9 million and other income fell nearly SAR 14.5 million, despite a decline in other operating expenses by SAR 11.1 million and an increase in investment income by about SAR 7.2 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Insurance Revenues 216.00 162.16 (24.9 %)
Net Income 10.22 (4.47) (143.8 %)
Average Shares 53.00 53.00 -
Earnings Per Share before unusual items 0.19 (0.08) (143.8 %)
EPS (Riyals) 0.19 (0.08) (143.8 %)

Insurance Operations

Item 2023 2024 Change‬
Insurance Revenues 838.95 694.69 (17.2 %)
Insurance Services Income 76.52 36.66 (52.1 %)
Investment Income 30.66 37.83 23.4 %
Net Profit of Insurance Services and Investment 100.60 68.41 (32.0 %)

In Q4 2024, the insurer turned to a net loss of SAR 4 million from an income of SAR 10.22 million in Q4 2023.

 

Quarter-on-quarter, the insurer swung to a net loss from an income of SAR 13.56 million in Q3.

 

Total shareholders’ equity, no minority interest, stood at SAR 604.93 million by Dec. 31, 2024, compared to SAR 559.91 million a year earlier.

 

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