AICC 9M 2024 net profit dips 31% to SAR 34.6M; Q3 at SAR 13.6M

05/11/2024 Argaam Exclusive

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Arabia Insurance Cooperative Co. (AICC) reported a net profit of SAR 34.6 million for the first nine months of 2024, a slump of 31% from SAR 50.2 million in the year-earlier period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Insurance Revenues	622.95	532.53	(14.5 %)
Net Profit Before Zakat & Tax	64.35	43.69	(32.1 %)
Net Income	50.25	34.62	(31.1 %)
Average Shares	53.00	53.00	-
EPS (Riyals)	0.95	0.65	(31.1 %)

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Insurance Revenues	215.98	164.71	(23.7 %)
Net Profit Before Zakat & Tax	27.60	16.10	(41.7 %)
Net Income	22.23	13.56	(39.0 %)
Average Shares	53.00	53.00	-
EPS (Riyals)	0.42	0.26	(39.0 %)

Item	Q2 2024	Q3 2024	Change‬
Gross Written Premium (GWP)	102.17	175.19	71.5 %
Insurance Revenues	169.56	164.71	(2.9 %)
Net Profit Before Zakat & Tax	17.32	16.10	(7.1 %)
Net Income	13.22	13.56	2.6 %
Average Shares	53.00	53.00	-
EPS (Riyals)	0.25	0.26	2.6 %

Q3 2024 net profit stood at SAR 13.6 million, a decline of 39% year-on-year (YoY) from SAR 22.23 million, due to the decrease in insurance revenues in motor and medical segments. Net insurance services result declined by SAR 5.5 million YoY and other income fell SAR 4.6 million YoY.

On a sequential basis, net earnings grew 2.6% from SAR 13.22 million in Q2 2024.

Insurance Operations

Item	9m 2023	9m 2024	Change‬
Insurance Revenues	622.95	532.53	(14.5 %)
Insurance Services Income	57.27	40.85	(28.7 %)
Investment Income	21.66	28.09	29.7 %
Net Profit of Insurance Services and Investment	74.21	64.03	(13.7 %)

Total shareholders’ equity (no minority equity) stood at SAR 596.66 million by Sept. 30, 2024, compared to SAR 546.07 million a year earlier.

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