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.
Item | 9m 2023 | 9m 2024 | Change |
---|---|---|---|
Insurance Revenues | 622.95 | 532.53 | (14.5 %) |
Net Income | 50.25 | 34.62 | (31.1 %) |
Average Shares | 53.00 | 53.00 | - |
EPS (Riyals) | 0.95 | 0.65 | (31.1 %) |
Item | Q3 2023 | Q3 2024 | Change |
---|---|---|---|
Insurance Revenues | 215.98 | 164.71 | (23.7 %) |
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 |
---|---|---|---|
Insurance Revenues | 169.56 | 164.71 | (2.9 %) |
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.
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 | 27.90 | 28.8 % |
Net Profit of Insurance Services and Investment | 74.21 | 63.83 | (14.0 %) |
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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