AICC profit down 25% to SAR 21.1M in H1 2024; Q2 at SAR 13.2M

05/08/2024 Argaam Exclusive

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=Arabia Insurance Cooperative Co. (AICC) reported a net profit of SAR 21.1 million for H1 2024, a drop of 25% year-on-year (YoY) from SAR 28 million.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Gross Written Premium (GWP)	606.60	335.13	(44.8 %)
Insurance Revenues	406.97	367.83	(9.6 %)
Net Profit Before Zakat & Tax	36.75	27.59	(24.9 %)
Net Income	28.02	21.06	(24.8 %)
Average Shares	53.00	53.00	-
EPS (Riyals)	0.53	0.40	(24.8 %)

The profit decline is attributed to the decrease in insurance revenues in the motor insurance segment and the medical insurance segment, despite the increase in insurance revenues of the engineering insurance segment.

There was also a decline in insurance services result and other income by approximately SAR 21.3 million, despite the decrease in other operating expenses and the provision for Zakat and income tax by approximately SAR 8.1 million, in addition to the increase in investment income by approximately SAR 5.3 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Gross Written Premium (GWP)	296.85	102.17	(65.6 %)
Insurance Revenues	209.69	169.56	(19.1 %)
Net Profit Before Zakat & Tax	25.19	17.32	(31.2 %)
Net Income	20.70	13.22	(36.1 %)
Average Shares	53.00	53.00	-
EPS (Riyals)	0.39	0.25	(36.1 %)

Item	Q1 2024	Q2 2024	Change‬
Gross Written Premium (GWP)	232.96	102.17	(56.1 %)
Insurance Revenues	198.27	169.56	(14.5 %)
Net Profit Before Zakat & Tax	10.27	17.32	68.6 %
Net Income	7.84	13.22	68.8 %
Average Shares	53.00	53.00	-
EPS (Riyals)	0.15	0.25	68.8 %

Q2 2024 net profit stood at SAR 13.2 million, a slump of 36% YoY, on lower insurance revenue and lower other income.

On a quarterly basis, net profit grew 68.8%, from SAR 7.8 million.

Insurance Operations

Item	6m 2023	6m 2024	Change‬
Gross Written Premium (GWP)	606.60	335.13	(44.8 %)
Insurance Revenues	406.97	367.83	(9.6 %)
Insurance Services Income	30.88	20.00	(35.2 %)
Investment Income	13.52	18.90	39.8 %
Net Profit of Insurance Services and Investment	41.33	35.46	(14.2 %)

Total shareholders’ equity, no minority interest, stood at SAR 582.35 million by June 30, 2024, compared to SAR 522.79 million a year earlier.

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