=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.
| 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.
| 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.
| 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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