Financial Results : Wataniya Insurance profit rises 86% to SAR 27.3M in Q1 2024

Wataniya Insurance profit rises 86% to SAR 27.3M in Q1 2024

13/05/2024 Argaam Exclusive

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Wataniya Insurance Co. reported an 86% rise in Q1 2024 net profit to SAR 27.3 million, from SAR 14.6 million in Q1 2023.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Gross Written Premium (GWP) 510.55 560.98 9.9 %
Insurance Revenues 257.68 409.83 59.0 %
Net Profit Before Zakat & Tax 17.39 31.53 81.3 %
Net Income 14.64 27.28 86.4 %
Average Shares 40.00 40.00 -
EPS (Riyals) 0.37 0.68 86.4 %

The profit was driven by a 59.04% year-on-year (YoY) increase in insurance revenue to SAR 409.83 million, largely due to the growth in operations. In addition, the company’s insurance services results increased YoY by 85%, or SAR 10.52 million. Investment revenue rose by SAR 8.48 million.

 

On a quarterly basis, the Q1 net profit fell 13.4% from SAR 31.50 million.

Insurance Operations

Item 3m 2023 3m 2024 Change‬
Gross Written Premium (GWP) 510.55 560.98 9.9 %
Insurance Revenues 257.68 409.83 59.0 %
Insurance Services Income 12.41 22.93 84.8 %
Investment Income 8.06 16.54 105.2 %
Net Profit of Insurance Services and Investment 16.76 38.16 127.7 %

Shareholders’ equity, no minority interest, rose to SAR 515.54 million, from SAR 414.77 million a year earlier.

 

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